Roundtable Discussion; The Future of Mineral Sands. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksRDSA.L Share News (RDSA)

  • There is currently no data for RDSA

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

UPDATE 3-EU drops Shell, BP, Statoil from ethanol benchmark investigation

Mon, 07th Dec 2015 17:58

(Adds sources, Commission, company comments)

By Philip Blenkinsop and Foo Yun Chee

BRUSSELS, Dec 7 (Reuters) - EU antitrust regulators havedropped Shell, BP, and Statoil from aninvestigation into suspected rigging of ethanol benchmarks,focusing instead on three producers of the biofuel.

The European Commission said on Monday it had opened aformal antitrust investigation into the actions of Spanishcompany Abengoa SA, Belgium's Alcogroup SA andLantmännen ek för of Sweden.

In April, EU antitrust regulators raided several bioenthanolcompanies and at the same time stepped up a two-yearinvestigation into biofuel price benchmarks. In 2013, itsearched the offices of BP, Shell and Statoil too.

BP, Shell, Statoil and price reporting agency Platts havebeen told they are not part of the investigation opened onMonday, two sources familiar with the matter said.

"The Commission's investigation focuses on behaviours inprice benchmarks for the ethanol sector," the EU competitionauthority said in response to an email asking if crude oil andrefined products were still being assessed.

"The Commission is currently not investigating furtherbehaviours in price benchmarks for the crude oil sector."

BP was not immediately available for comment, Shell declinedto comment, and a spokeswoman for Norwegian state producerStatoil said there were no formal charges or accusations againstthe company.

The Commission said it was concerned that Abengoa, Alcogroup and Lantmännen ek för may have colluded to manipulate ethanolbenchmarks published by Platts.

It said this could include agreeing to submit or supportbids to hike the benchmark and so drive up ethanol prices,leading to less use of biofuels as an alternative to fossilfuels, with negative consequences for consumers and theenvironment.

Platts said it had not been charged with any wrongdoing andwas not an addressee of the European Commission's statement ofobjections in relation to the bioethanol pricing investigation.

Alcogroup said: "Alcodis and Alcogroup operate theiractivities in accordance with European law and therefore fullycooperate with the European Commission whilst ensuring theirfundamental rights to be respected."

Lantmännen said it "cooperates fully with the authority".Abengoa was not immediately available for comment.

In a separate case, the Commission is also investigatingseveral bioethanol producers on suspicion of taking part in acartel following searches of offices. The sources said the oilmajors are not involved in this case either.

Ethanol is made from biomass such as wheat, maize or sugarbeet that is mainly added to gasoline and used as a biofuel forcertain motor vehicles. (Reporting by Philip Blenkinsop; Addtional reporting by DmitryZhdannikov in London and Gwladys Fouche in Oslo; Editing bySusan Thomas)

More News
27 Oct 2022 07:30

Shell announces $4bn share buyback as Q3 profits beat expectations

(Sharecast News) - Oil giant Shell announced a $4bn share buyback on Thursday as it posted better-than-expected third-quarter profits.

Read more
21 Apr 2022 11:53

Shell turning to China to offload Russian business - report

(Sharecast News) - Shell is reportedly looking to China as it looks to offload its Russian business.

Read more
15 Feb 2022 15:54

Shell preparing to sell North Sea gas fields - report

(Sharecast News) - Shell is reportedly preparing to launch the sale of its stakes in two clusters of gas fields in the southern British North Sea, part of an ongoing retreat of long-time producers from the ageing basin.

Read more
7 Feb 2022 10:52

Berenberg nudges up target price on Shell

(Sharecast News) - Analysts at Berenberg slightly raised their target price on oil and gas giant Shell from 2,350.0p to 2,375.0p on Monday, stating the firm was "on a roll".

Read more
31 Jan 2022 10:53

TOP NEWS SUMMARY: Shell and BHP share unifications go into effect

TOP NEWS SUMMARY: Shell and BHP share unifications go into effect

Read more
31 Jan 2022 07:48

LONDON MARKET PRE-OPEN: WeBuyAnyCar owner buys into Lookers

LONDON MARKET PRE-OPEN: WeBuyAnyCar owner buys into Lookers

Read more
28 Jan 2022 11:25

Shell's renewables boss steps down after less than two years

* Elisabeth Brinton leaves for new role, she says* Shell creates two new renewables leadership roles* Thomas Brostrøm to head renewables generation* Steve Hill to head energy marketingBy Ron BoussoLONDON, Jan 28 (Reuters) - Shell's head of renewable...

Read more
27 Jan 2022 16:14

UK earnings, trading statements calendar - next 7 days

UK earnings, trading statements calendar - next 7 days

Read more
26 Jan 2022 17:02

LONDON MARKET CLOSE: FTSE 100 soars ahead of Fed as oil, travel gain

LONDON MARKET CLOSE: FTSE 100 soars ahead of Fed as oil, travel gain

Read more
26 Jan 2022 14:36

China's Sinopec awards fewer cargoes in recent LNG tender

By Chen Aizhu and Marwa RashadSINGAPORE/LONDON, Jan 26 (Reuters) - Unipec, the oil and gas trading arm of China's Sinopec Corp has awarded fewer-than-planned cargoes in a recent tender to sell up to 45 cargoes of liquefied natural gas for 2022 del...

Read more
26 Jan 2022 12:16

LONDON MARKET MIDDAY: Markets brace for aggressive US Fed tightening

LONDON MARKET MIDDAY: Markets brace for aggressive US Fed tightening

Read more
26 Jan 2022 09:33

UPDATE 2-Commodity, bank stocks lead FTSE 100 higher; Playtech drops

* Oil and banking shares top gainers* Wizz Air reports Q3 loss, expects improvement in spring* FTSE 100 up 1.3%, FTSE 250 add 1.1% (Updates to market close)By Shashank Nayar and Ambar WarrickJan 26 (Reuters) - London's FTSE 100 rose on Wednesday wit...

Read more
26 Jan 2022 09:12

LONDON MARKET OPEN: Fresnillo drops on 2022 production warning

LONDON MARKET OPEN: Fresnillo drops on 2022 production warning

Read more
25 Jan 2022 21:13

UPDATE 1-U.S. awards 13 mln barrel exchange of crude from strategic reserve

(Adds details on sale, background on 50 million barrel SPR plan)WASHINGTON, Jan 25 (Reuters) - The U.S. Department of Energy said on Tuesday it had approved an exchange of 13.4 million barrels of crude oil from the Strategic Petroleum Reserve to ...

Read more
25 Jan 2022 20:10

U.S. awards exchange of 13 mln barrels of crude from strategic reserve

WASHINGTON, Jan 25 (Reuters) - The U.S. Department of Energy said on Tuesday it had approved an exchange of 13.4 million barrels of crude oil from the Strategic Petroleum Reserve to seven companies.The companies are Shell Trading US, 4.2 million ...

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.