Market Chatter: BP, Repsol Face EU Competition Complaint From Spanish Fuel Wholesaler

MT Newswires Live04-24

BP (BP) and Repsol have been accused of anti-competitive practices in a complaint filed with the European Commission by Spanish fuel wholesaler Hatta Energy, Bloomberg reported Friday.

The complaint alleges "coordinated corporate behaviors" among major oil firms and state-backed actions that restrict competition in Spain's fuel distribution market, according to the report.

The complaint also names Moeve and infrastructure operator Exolum, alongside the Spanish state, the report said.

Hatta Energy also said it faces issues due to tax classification rules that require upfront payments on fuel withdrawals from storage, which some competitors are exempt from, Bloomberg reported.

BP, Repsol and Moeve did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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