Big News Network.com: Exxon, Shell named in pricefixing inquiry: “The Dutch units of Exxon Mobil and Royal Dutch/Shell were reported Friday to be under suspicion in a price fixing inquiry by the European Commission.” (ShellNews.net)
Saturday 23rd October, 2004
The Dutch units of Exxon Mobil and Royal Dutch/Shell were reported Friday to be under suspicion in a price fixing inquiry by the European Commission.
They were suspected of possibly violating competition rules in the two-year investigation of the Dutch bitumen market, the Wall Street Journal said.
A Shell spokesman said the commission suspects Shell and 13 other companies of violating rules by coordinating activities in the bitumen market in the Netherlands until 2002. Bitumen is a tar-like petroleum product used in making roads
Exxon declined to comment except to acknowledge the company received the commission's provisional conclusions of the investigation.
An EC spokeswoman declined to name other companies except to say they operate in the Netherlands.
The companies have two months to respond. If the commission finds wrongdoing, it could impose fines.
The commission started its investigation in 2002, initially investigating suspicions of price fixing in the Netherlands, Belgium, Luxembourg and Spain.