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American company accused Lukoil of price collusion
6.08.2007 15:10
American company accused Lukoil of price collusion

Green Oil Company has charged Russian Lukoil, the second largest private oil Company worldwide by proven hydrocarbon reserves, and several other firms operating on the American market with price collusion aimed at overshooting of wholesale prices on oil products. Green Oil has filed a claim to the court demanding all U.S. subsidiaries of Lukoil to be sold.
      Green Oil Company says on behalf of all American companies purchasing fuel from local oil refineries in order to sell it in the USA. Besides Getty Petrolium and Lukoil Americas controlled by Lukoil two other companies have been accused: Saudi Aramco from Saudi Arabia and Venezuelan state-ruled PdVSA.
      The claim states that the defendants manipulated oil withdrawal rates, which caused damage to independent owners of filling stations in the USA. E.g. it is said that the mentioned companies persuaded oil firms of Mexico, Oman, Norway and Angola into cut of oil production in 2002.
      If Green Oil wins the case, about 8% of American oil processing companies will get new owners and Lukoil will lose control of its assets with the total value of 4 billion dollars. However, experts consider this case of little promise.


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