Neste Oil Asked to Provide Information in EU Price Investigation

Neste Oil Oyj (NES1V), Finland’s only refiner, said the company had been asked to provide information to European Union officials investigating price-reporting manipulation by some oil companies.

“While Neste Oil is not one of the companies under investigation, we have received a request from the European Commission to provide information, along with other oil companies active on the European market,” Matti Lehmus, Neste’s executive vice president of oil products and renewables, said today in an e-mailed statement. “We will naturally cooperate with this request.”

The investigation relates to price-reporting for oil and biofuels to Platts, the energy news and data unit of McGraw Hill Financial Inc. Statoil ASA, Royal Dutch Shell Plc and BP Plc are part of the probe.

Statoil is taking the investigation “very seriously” and cooperating to the best of its ability, Chief Executive Officer Helge Lund said yesterday, adding he had been given “very limited” information about which products and markets were under scrutiny.

Shell and BP also said they were assisting the commission in its enquiry into trading activities.

EPure, a group that represents renewable ethanol producers in Europe, said today that the industry wasn’t under investigation and that no ethanol company had been raided.

To contact the reporter on this story: Nidaa Bakhsh in London at nbakhsh@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

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