Germany competition authority investigates refining, trading sectors
27 September 2012 14:18 [Source: ICIS news]
LONDON (ICIS)--?xml:namespace>Germany’s federal competition authority has launched an investigation into the country’s refining industry and into the wholesale and trading of refined oil products, it said on Thursday.
The investigation will focus, in particular, on movements of prices in crude oil and refined products, and it will look at how those movements are passed on to drivers, said Andreas Mundt, the president of the Bundeskartellamt.
The Bundeskartellamt aims to assess the level of competition in the refining and wholesale sectors in order to address possible competition issues, Mundt added.
Germany’s refining industry trade group, MWV, said it was “taking a relaxed view” with regard to the investigation.
Germany’s refineries were in competition against each other, and they were exposed to tough competition from refineries abroad, said MWV general manager Klaus Picard.By: Stefan Baumgarten+1 713 525 2653
Declining demand for refined products and excess refining capacities had sharpened competitive pressures and already forced the closure of a number of refineries in Europe, Picard added.
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