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Oil company offices raided in EU pricing probe | Oil company offices raided in EU pricing probe |
(about 4 hours later) | |
The offices of several firms involved in the oil market have been raided by European Commission officials. | The offices of several firms involved in the oil market have been raided by European Commission officials. |
The commission said it had concerns that "the companies may have colluded in reporting distorted prices". | The commission said it had concerns that "the companies may have colluded in reporting distorted prices". |
It did not name the firms, and said the raids did not mean the companies were guilty of any charges. | It did not name the firms, and said the raids did not mean the companies were guilty of any charges. |
BP, Royal Dutch Shell, Norway's Statoil and the pricing agency Platts confirmed that they were working with the authorities in their inquiries. | BP, Royal Dutch Shell, Norway's Statoil and the pricing agency Platts confirmed that they were working with the authorities in their inquiries. |
The investigation relates to the pricing of oil, refined products and biofuels. | The investigation relates to the pricing of oil, refined products and biofuels. |
"Even small distortions of assessed prices may have a huge impact on the prices of crude oil, refined oil products and biofuels purchases and sales, potentially harming final consumers,'" the Commission said. | |
As part of the investigation, the Commission said it was examining whether the companies may have prevented others from participating in the pricing process "with a view to distorting published prices". | |
It added: "Any such behaviour, if established, may amount to violations of European antitrust rules that prohibit cartels and restrictive business practices and abuses of a dominant market position." | |
The EU called the raids "unannounced inspections". They are seen as a preliminary step in an investigation into suspected anti-competitive practices. | The EU called the raids "unannounced inspections". They are seen as a preliminary step in an investigation into suspected anti-competitive practices. |
Statoil, which confirmed its Norwegian headquarters had been inspected, said the suspected violations "related to the Platts' Market-On-Close (MOC) price assessment process" and "may have been on-going since 2002". | |
Platts, which compiles prices for energy markets, said the European Commission had visited its London operations on Tuesday. "Platts is co-operating fully with the European Commission's review," it added. | |
BP said in statement: "We are co-operating fully with the investigation and are unable to comment further at this time." | BP said in statement: "We are co-operating fully with the investigation and are unable to comment further at this time." |
A Shell spokesman added that it was "fully co-operating" with the investigation. |
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