The Commission opened an in-depth investigation into the proposed acquisition of Shell Deutschland Oil GmbH’s refinery assets located in Hamburg, Germany, by Nynas AB (“Nynas”). Shell Deutschland Oil GmbH is part of the Shell group ("Shell"), a global group of energy and petrochemical companies involved in upstream and downstream activities, from exploration to refining, distribution and retail sales. Nynas, of Sweden, produces and sells naphthenic base oils for industrial lubricants, process oils used in chemical processes and TFO (insulating material for transformers). Nynas is jointly controlled by Petróleos de Venezuela S.A, of Venezuela, and Neste Oil Oyj, of Finland. The Commission’s initial investigation revealed possible competition concerns in the markets for naphthenic base oils, naphthenic process oils and transformer oils ('TFO'). The Commission's initial investigation showed that the proposed transaction would leave the merged entity as the only producer of naphthenic base oils in the EEA. With regard to other segments, such as greases, metalworking fluids or cold-set inks, and transformer oils, the few remaining competitors who import these products into the EEA may not exercise a sufficient competitive constraint. The Commission now has 90 working days, until 8 August 2013, to make a final decision on whether the acquisition would significantly impede effective competition in the EEA or in any substantial part thereof. Source: Commission Press Release 26/3/2013