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THE SMART NEWS SOURCE | Feb 11 2012 02:24 | LAST UPDATED Feb 11 2012 02:24 |
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South Africa's competition authority said it would probe gas and petroleum companies, including the world's top producer of fuel from coal, Sasol, for their possible role in price-fixing. Petrochemicals group Sasol, which was fined €318,2-million by the European Commission last year for its role in a cartel to fix paraffin wax prices, said it was fully complying with the investigation. It said the review could be concluded during the first half of 2009. Sasol said the authority had already reviewed its nitro, gas and oil divisions. "We will not tolerate non-compliance and won't rest until we are confident that all our businesses are fully compliant," chief executive Pat Davies said in a statement. "... not least because any contravention of law could potentially lead to fines, remedial actions and civil claims and therefore have a negative impact on Sasol's business and reputation." The investigation into Sasol Nitro had so far shown that there was a possibility of violations, but Sasol said it was too soon to determine the possible consequences and financial impact of any finding at this stage. The probe into Sasol Gas revealed two competition law contraventions in the division and Sasol has been granted conditional corporate leniency by the authority in both matters. The company has also identified a possible violation of the Competition Act in its Sasol Oil division and has submitted a leniency application to the commission.  CONTINUES BELOW The competition authority said the investigation also included Egoli Gas, Spring Lights Gas and Coal Energy and Power Resources. The authority also said it would look into anti-competitive behaviour in relation to a range of products in the petroleum value chain. -- Reuters TOPICS IN THIS ARTICLE
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