Oil Companies Fined €315.4M

Law360, New York (June 21, 2006, 12:00 AM ET) -- Italian antitrust regulators have fined six oil companies, including subsidiaries of Exxon and Shell, a total of €315.4 million—$396.6 million—for an arrangement among the companies to supply jet fuel to airports.

The Italian Competition Authority found that the companies engaged in an “intense and continuous exchange of information” and coordinated strategies for setting up refueling contracts and keeping the status quo in place in the jet fuel market. The collusion, accomplished in part through jointly held fuel storage and refueling companies, allowed the companies to divvy...
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