Hellenic Petroleum SA (HEPr.AT)
21 Feb 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
ATHENS Greece won't backtrack on its privatization plan after its bailout ends and expects state companies to submit plans by April to make themselves more competitive, the head of its state assets fund said.