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Spanish Bitumen Cartel Hit With €183M Fine

Law360 (October 3, 2007, 12:00 AM EDT) -- The European Commission announced Wednesday that it has fined five companies €183.651 million for participating in a cartel that manipulated the market for bitumen, a by-product of oil refining used in making asphalt for roads, from 1991 to 2002.

The cartel included British Petroleum PLC, Repsol YPF, Cepsa , Nynas Bitumen AB, and Galp Energia SGPS. BP came to the commission with information about the cartel in 2002, and received immunity from fines under the commission's leniency program.

Repsol and Cepsa, the leaders of the cartel,...
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