“The proposed acquisition, if carried into effect, will not infringe the section 54 prohibition,” the Commission said in a statement on its website.

The site included a summary of the acquisition as provided by Chemoil and Glencore.

“Glencore and Chemoil submit that given the large number of competitors in the market, the low barriers to entry and expansion, strong countervailing buyer power and other competitive characteristics of the relevant markets, the merger, when carried into effect, is unlikely to result in a substantial lessening of competition in the relevant markets.”

Switzerland-based Glencore International AG is one of the world’s largest suppliers of commodities and raw materials to industrial consumers.

Its wholly owned subsidiary Singfuel said in December that was taking a controlling stake in the leading independent bunker supplier

Glencore acquired 656.75 million shares in Chemoil for $233.3 million, giving it a 50.81% stake in the company.

Last week European competition authorities gave their clearance to the move.

Chemoil is listed on the Singapore Exchange.