BRUSSELS TAKES COURT ACTION AGAINST PORTUGAL OVER GALP
February 1st, 2009
BY KEITH NUTHALL
THE EUROPEAN Commission is taking Portugal to the European Court of Justice (ECJ) claiming that special rights held by its government in utility GALP Energia break European Union (EU) freedom of investment treaty rules. Brussels is particularly concerned about state veto rights on takeovers or joint ventures and any moves Lisbon considers could threaten the secure supply of oil, gas and electricity or other derivatives to Portugal. It also opposes the government's right to appoint the chairperson of the board of directors. In a communiqué, the ...
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