Hellenic Petroleum SA (HEPr.AT)
19 Jan 2018
Latest Key Developments (Source: Significant Developments)
Hellenic Petroleum SA - Bulgaria anti-monopoly watchdog raids more oil firms in fuel inquiry - Reuters News
Hellenic Petroleum SA:Bulgaria's anti-monopoly watchdog said it had raided the offices of Eco Petroleum, part of Hellenic Petroleum, and Shell Bulgaria, owned by Royal Dutch Shell, in an investigation into possible cartel agreements - RTRS.Bulgarians complain of high fuel costs despite a plunge in global oil prices and a call by Prime Minister Boiko Borisov for the competition authority to speed up checks on the fuel sector."Employees of the Commission for Protection of Competition are carrying out surprise checks on site at the offices of Eco Bulgaria and Shell Bulgaria," the commission said in a statement on Friday.Eco and Shell both confirmed in separate statements that checks were being made place at their offices and said they were fully cooperating, but denied any wrongdoing.Eco Petroleum said the only reason it was included in the probe was that it is Bulgaria's fourth biggest fuel retailer.The companies being investigated are all members of the Bulgarian Petrol and Gas Association, which has said there are no cartel agreements between any of its members.The latest raids follow others earlier this month on the Bulgarian offices of Russia's Lukoil LKOH.MM and Romania's Rompetrol RORRC.BX.It has also launched a probe into the Lukoil Neftochim Burgas oil refinery over possible breaches of competition rules related to the sale of its fuels on the local market. Full Article
Hellenic Petroleum SA:Bulgaria's competition watchdog has launched an investigation into the country's only oil refinery and seven fuel retailers over possible petrol and diesel price-fixing - RTRS.The Commission for Protection of Competition said on Thursday that it had begun investigating the Bulgarian operations of Royal Dutch Shell, OMV, Hellenic Petrolleum, Nis Petrol, Lukoil, Rompetrol and Bulgarian Petrol Nis Petrol is majority owned by Gazprom Neft.The Lukoil Neftochim Burgas oil refinery is also under scrutiny over potential breaches of competition rules while selling its fuels on the local market, the watchdog said.The investigation follows complaints by Bulgarians over high fuel costs despite a plunge in global oil prices and a request by Prime Minister Boiko Borisov that the competition authority hastens checks on the fuel sector.A Lukoil Bulgaria spokeswoman said the company would not comment on the matter until it had seen the watchdog's documents, while an OMV spokesman said the Austrian company does not comment on ongoing investigations.The other companies did not respond immediately to requests for comment.The competition authority said it has launched the full investigation after an analysis of the fuel sector in the European Union country between 2013 and 2015 found that the retail price policy of the 7 companies was very similar and too slow to reflect drops in wholesale and production prices. Full Article
ATHENS Greece's privatization agency (HRADF) will push back to February the deadline for the submission of binding offers for a 66 percent stake in natural gas grid operator DESFA, a source close to the process said on Monday.