Norway’s Statoil involved in European Commission’s oil price rigging probe / News / The Foreigner

Norway’s Statoil involved in European Commission’s oil price rigging probe. Several major oil companies were raided by Europe's leading antitrust authority investigating possible oil price benchmarking, Tuesday. ‘Appalling’, say British MPs. Among the companies raided were Royal Dutch Shell, BP, and Statoil, headquartered in western Norway's Stavanger. The raid also included the London offices of Platts, the world's leading price reporting agency, according to The Financial Times. Italian oil company Eni was not raided but did receive a request for information from the Brussels. Information about the raids has been limited so far, but the largest energy trading groups in Europe have recently warned about inaccurate crude and oil products pricing. The Libor scandal is also fresh in the memory.

eftaraidstatoil, statoilstavanger, oilpriceprobenorway



The Foreigner Logo

The Foreigner is an online publication for English speakers living or who have an interest in Norway. Whether it’s a glimpse of news or entertainment you’re after, there’s no need to leave your linguistic armchair. You don’t need to cry over the demise of the English pages of Aftenposten.no, The Foreigner is here!

Norske nyheter på engelsk fra Norge. The Foreigner er en engelskspråklig internett avis for de som bor eller som er interessert i Norge.

Google+ Google+ Twitter Facebook RSS RSS



News Article

LATEST:

}

Norway’s Statoil involved in European Commission’s oil price rigging probe

Published on Wednesday, 15th May, 2013 at 09:33 under the news category, by Asgeir Ueland and Michael Sandelson   .
Last Updated on 15th May 2013 at 10:22.

Several major oil companies were raided by Europe's leading antitrust authority investigating possible oil price benchmarking, Tuesday. ‘Appalling’, say British MPs.

New Identity, Statoil
New Identity, Statoil
Photo: Øyvind Hagen/Statoil


Among the companies raided were Royal Dutch Shell, BP, and Statoil, headquartered in western Norway's Stavanger. The raid also included the London offices of Platts, the world's leading price reporting agency, according to The Financial Times. Italian oil company Eni was not raided but did receive a request for information from the Brussels.

Information about the raids has been limited so far, but the largest energy trading groups in Europe have recently warned about inaccurate crude and oil products pricing. The Libor scandal is also fresh in the memory.

The FT also reported French oil company Total's trading arm did declare "several times a year, estimates of market prices on key (energy) indices ... are out of line with our experience of the day" in August. The French company is not under investigation.

In a statement following Tuesday’s raid, the European Commission said "companies may have colluded in reporting distorted prices to a Price Reporting Agency to manipulate the published prices for a number of oil and biofuel products."

"Companies may have prevented others from participating in the price assessment process," they added.

UK Shadow Energy and Climate Change Secretary for Labour, Caroline Flint, suggested "shocking behaviour'' in the oil market if the allegations proved to be true.

"Last year, in a debate that I pressed for, Parliament voted unanimously for an investigation into the oil market,'' declared Conservative MP Robert Halfon, once again demanding that alleged cartels and market manipulation were investigated fully.

"These latest allegations underline why that must happen urgently,” the MP concluded.

The European Commission said there is no legal deadline for its investigations. Tuesday's raids were unannounced.

Norway’s Statoil risks an up to some EUR 9.27 billion (NOK 70 billion) fine if found guilty.



Published on Wednesday, 15th May, 2013 at 09:33 under the news category, by Asgeir Ueland and Michael Sandelson   .
Last updated on 15th May 2013 at 10:22.

This post has the following tags: eftaraidstatoil, statoilstavanger, oilpriceprobenorway.





  
Do NOT follow this link or you will be banned from the site!