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Norway fears multi-million dollar scandal in the oil industry

Statoil, Shell, and BP have come under the attention of the EU Commission in a major potential scandal. The case resembles the Libor scandal, which resulted in multi-million dollar fines, says analyst.

Photo: Harald Pettersen/Statoil

Statoil, Shell, and BP have come under the attention of the EU Commission in a major potential scandal. The three heavyweigth oil companies are suspected of manipulating prices.

On Tuesday, Statoil's headquarters in Stavanger were raided by inspectors from the free trade organization EFTA's surveillance authority (ESA). According the Statoil, the raid happened because the EU Commission suspects several companies of having participated in competition distortive agreements.

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