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EU: Power plant developer targeted for oil price manipulation

By  |  October 7, 2013

The world’s largest developer of solar-thermal power plants confirmed it is the target of an European Commission investigation probing allegations of oil price manipulation, say reports.

Abengoa confirmed the news in a regulatory filing that it, along with its Abengoa Bioenergy Trading Europe operations, are the targets of the probe for what the company described as “possible participation in anticompetitive agreements or actions which were allegedly aimed at manipulating the results of Platt’s Market on Close price assessment,” among other allegations.

The Commission issued dawn raids at various company offices last May over allegations of oil price manipulation. Among the searched were Platts, Statoil, BP and Royal Dutch Shell.

Full Content: Bloomberg

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