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The European Commission discontinues investigations

December 17, 2015, 14:32 CET

In May 2013 the offices of Statoil were subject to an inspection by EFTA Surveillance Authority (ESA) on behalf of the EU Commission. The purpose was to investigate potential manipulation of the energy agency Platts’ oil price benchmarks. The investigation, which could potentially have resulted in a formal probe, focused on Statoil as a company, and not on individuals.

International news agencies announced last week that the EU Commission had currently discontinued the investigation of potential manipulation of the energy agency Platts’ oil price benchmarks. This has been confirmed to Statoil in conversations with the EU Commission. It has also been confirmed that Statoil is not part of the ongoing investigation concerning ethanol price reporting.

Statoil has since the inspection in May 2013 maintained that the company has not participated in any form of price manipulation. Following the inspection the company has actively provide all information and documentation that the EU Commission has requested.

Statoil is pleased that the investigation has now been discontinued, which confirms the view that Statoil has had of this case.