ESA Conducts Inspection

Statoil’s (OSE:STL, NYSE:STO) office in Stavanger is today subject to an inspection visit by the EFTA Surveillance Authority (ESA), assisted by the Norwegian Competition Authority (Konkurransetilsynet).

The inspection is carried out on request of the European Commission. Statoil is cooperating with the authorities in their inspection.

The authorities suspect participation by several companies, including Statoil, in anti-competitive agreements and/or concerted practices contrary to Article 53 of the EEA Agreement. In addition the inspection relates to potential abuse of possible dominant position by another party, contrary to Article 54 of the EEA Agreement.

The suspected violations are related to the Platts’ Market-On-Close (MOC) price assessment process, used to report prices in particular for crude oil, refined oil products and biofuels, and may have been on-going since 2002.