Statoil: ESA conducts inspection

Tue May 14, 2013 9:16am EDT

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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.

Further information from:

Investor relations
Hilde Merete Nafstad, senior vice president investor relations,
+ 47 957 83 911(mobile)

Jannik Lindbæk jr, vice president for media relations,
+ 47 977 55 622 (mobile)

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

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Source: Statoil via Thomson Reuters ONE