Helge Lund News
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The European oil price-fixing probe expanded as Neste Oil Oyj, Finland’s only refiner, said it was asked to provide information regarding potential manipulation of global crude and biofuel markets.
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Total SA’s chief executive officer said he would be “very surprised” if a European investigation uncovered price-fixing in the crude and oil-products markets.
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Statoil ASA Chief Executive Officer Helge Lund said the company, which the European Union is investigating for possible violation of EU competition law, has “zero tolerance” for breaches of the rules.
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Neste Oil Oyj, 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.
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Three of Europe’s biggest oil explorers are among companies being questioned by European antitrust regulators about potential manipulation of prices in the $3.4 trillion-a-year global crude market.
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Two weeks after Royal Dutch Shell Plc and Platts changed the way more than half of the world’s crude is valued, the companies along with BP Plc and Statoil ASA are being probed by European antitrust regulators about potential manipulation of oil prices.
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Statoil ASA, Norway’s biggest energy company, said profits fell by 29 percent in the first quarter on lower oil and gas output in Norway, Brazil and as a terrorist attack shut a facility in Algeria.
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An al-Qaeda-linked group demanding that France end its offensive against militants in neighboring Mali vowed to kill foreign workers held captive in the southern Algerian desert unless troops surrounding them pulled back.
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Statoil ASA , Norway’s largest oil and natural gas company, may target offshore Ghana as it seeks to expand its production abroad to counter dwindling crude output from the North Sea, its chief executive officer said.
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Statoil ASA, Norway’s largest oil producer, said fourth-quarter profit more than doubled as the explorer found more oil and gas than it produced for the first time since 2005.
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