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EU: Platts denies any charges stemming from oil pricing raids

By  |  October 20, 2014

Contrary to a document seen by media outlets that claims oil pricing agency Platts is charged with colluding to manipulate ethanol prices, Platts told reporters that it has not seen the document and that it has not been charged with any wrongdoing in connection ot the case.

The European Commission recently ramped up its 17-month-long investigation into alleged oil benchmark rigging with dawn raids of Alcogroup and Lantmannen Agroetanol. Platts was said to have been searched along with Shell, BP, Statoil, Argos Energies and Abengoa in May of last year.

According to reports, a document seen by certain media says that “The Commission suspects Platts of having adopted [benchmark-rigging] behavior” either independently or in collusion with other companies.

But Platts said in a statement that the company was not involved in the most recent raids and that the company “cannot comment on the content of the EC document referenced in media reports as we have not been provided with it. Platts has not been charged with any wrongdoing in connection with the EC’s ongoing inquiry.”

Full content: Reuters

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