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Big Oil Let Off Hook Days After EU Drops Wall Street Probe

  • EU's Vestager shows willingness to dump cases going nowhere
  • Commission retreats from high-profile oil investigation
Royal Dutch Shell Plc, BP Plc and Statoil ASA no longer face an European Union investigation into potential manipulation of fuel benchmarks, the regulator indicated on Monday.

Royal Dutch Shell Plc, BP Plc and Statoil ASA no longer face an European Union investigation into potential manipulation of fuel benchmarks, the regulator indicated on Monday.

Photographer: Andrey Rudakov/Bloomberg
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Days after dropping a high-profile probe into some of Wall Street’s top banks, the European Commission quietly sounded the retreat from an antitrust case that’s embroiled some of the world’s biggest oil producers since 2013.

Royal Dutch Shell Plc, BP Plc and Statoil ASA no longer face an European Union investigation into potential manipulation of fuel benchmarks, the regulator indicated on Monday. Instead, Margrethe Vestager, the EU competition chief, ramped up a related case focusing on bioethanol producers, opening a formal investigation into Abengoa SA, Alcogroup and Lantmaennen -- all suspected of colluding on ethanol benchmarks.