A PYMNTS Company

EU: Oil price-fixing probe widens as Britain vows to take action

By  |  May 16, 2013
EU: Oil price-fixing probe widens as Britain vows to take action

As news rolls in following the announcement that the European Commission has begun looking at some of the world’s largest oil companies, Great Britain has spoken out, vowing to take action if the Commission finds conclusive evidence of price-fixing by the conglomerates. BP, Shell and Statoil are all facing the Commission as it asks for business practice information, though a formal investigation has not yet been launched. Oil company Eni, based in Italy, also confirmed that it had been approached by the Commission looking for information of the case. On Wednesday, the UK’s energy minister Ed Davey said the companies would face strict fines if any wrongdoing is found. According to reports, the Commission, which conducted dawn raids at offices of Shell, BP and Statoil; their competing trading companies were not searched, however. The raids were some of the largest cross-boarder searches conducted since the LIBOR scandal broke.

    Get the Full Story

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

    Subscribe 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: Reuters

    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.