A PYMNTS Company

EU: No hard predictions for end of Commission’s oil probe, says Almunia

By  |  August 6, 2013

In a statement dated July 23 but published Tuesday, the European Commission announced it is still in an “early stage” its investigation of the EU’s oil market, which took off last May when regulators raided oil companies Statoil, BP, Shell and Argos Energies, as well as price publisher Platts. European Commissioner Joaquin Almunia said in a statement to a European Parliament lawmaker that the regulator is looking to wrap-up the investigation as soon as possible, but due to various issues including “the complexity of the case, the extent to which the undertakings concerned cooperate with the commission and the exercise of the rights of defense,” the length of the case cannot be predetermined. Three unnamed sources told reporters that companies asked to provide information to the regulator include Glencore Xstrata, Vitol Group and Hunvor Group. Regulators throughout the globe have been looking closely at commodity pricing benchmarks ever since the widespread scandal of the alleged manipulation of LIBOR, the bench mark for interest rates.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Full Content: Live Mint

    We’d love to be your preferred source for news.

    Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!

    Add as Preferred Source

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.