THE EUROPEAN Commission’s probe into allegations of oil price fixing could take years, according to Shell: The lawyer warned that the EC is issuing increasingly heavy penalties. For cartel cases, the limit for a fine is 10 per cent of the group’s turnover.
by Suzie Neuwirth: June 7, 2013, 4:21am
THE EUROPEAN Commission’s probe into allegations of oil price fixing could take years, according to Shell, one of the companies under review.
“It is important to bear in mind that this is an ongoing investigation into the facts and potential evidence, and it could be a number of years before it concludes,†a Shell spokesperson told City A.M. via email.
Oil giant Shell, along with BP, Statoil, ENI and price reporting agency Platts, all confirmed last month that they are under investigation by the EC.