Library / PETROLEUM INDUSTRY ACT, NO. 6, 2021 MIDSTREAM AND DOWNSTREAM PETROLEUM PREVENTION OF ANTICOMPETITIVE PRACTICES AND BEHAVIOUR REGULATIONS, 2026 ARRANGEMENT OF REGULATIONS

PETROLEUM INDUSTRY ACT, NO. 6, 2021 MIDSTREAM AND DOWNSTREAM PETROLEUM PREVENTION OF ANTICOMPETITIVE PRACTICES AND BEHAVIOUR REGULATIONS, 2026 ARRANGEMENT OF REGULATIONS

Page 58 of 127

Open the PDF at page 58

58 
 
 
(ii) 
Mandatory third-party access to key infrastructure on fair, 
reasonable, and non-discriminatory (FRAND) terms; 
 
(iii) 
Termination or modification of exclusive supply, purchase, or 
distribution agreements; 
 
(iv) 
Imposition of conduct remedies such as price regulation in line 
with sections 205(2) and 207 of the Act, supply obligations, or ring-fencing 
arrangements for a defined period; 
 
(v) 
Compliance monitoring, periodic reporting, or the appointment 
of an independent trustee. 
(c) Prohibition of the Transaction 
Where the Authority concludes that the proposed transaction is likely to result 
in substantial harm to competition and that such harm cannot be adequately 
mitigated by conditions, it shall prohibit the transaction. 
(2) Effect of Prohibition 
In the event of a prohibition decision: 
(a) The parties shall not implement or give effect to any part of the 
transaction; 
(b) Any agreement, arrangement, or instrument executed in furtherance 
of the transaction shall be deemed unenforceable; 
 
(c) If any steps have been taken toward implementation, the parties 
shall immediately take all necessary actions to unwind, reverse, or nullify such 
steps, including the restoration of the pre-transaction status quo, to the 
satisfaction of the Authority. 
(3) Notification of Decision 
The Authority shall issue a written decision setting out: 
(a) The basis of its findings; 
(b) Any conditions or remedies imposed; 
 
(c)The timeline and procedures for compliance or appeal, if applicable. 
 
54. Prohibition of Gun-Jumping and Sanctions for Unapproved Mergers, 
Acquisitions or Transfer of interest  
(1) Prohibition of Premature Implementation 
No Licensee, its parent company, Affiliate, or related undertaking shall 
implement, give effect to, or consummate any merger, acquisition, or 
significant joint venture that is subject to mandatory notification under this 
Regulation prior to obtaining formal approval from the Authority, and, where 
applicable, the Federal Competition and Consumer Protection Commission. 
Any attempt to complete such a transaction without prior clearance shall 
constitute premature Implementation or “gun-jumping” and a violation of the 
Act and these Regulations. 
(2) Failure to Notify 
Where a Licensee or party to a transaction fails to notify a notifiable 
transaction, whether intentionally or negligently, the Authority may, upon 
discovery or investigation, treat such failure as a breach of statutory and 
regulatory obligations under the Act and these Regulations. 
(3) Sanctions and Remedies