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Bulgaria anti-monopoly watchdog raids more oil firms in fuel inquiry

Reuters - UK Focus

(Adds Shell Bulgaria and Eco Petroleum comment)

SOFIA, April 22 (Reuters) - Bulgaria's anti-monopoly watchdog said it had raided the offices of Eco Petroleum, part of Hellenic Petroleum (LSE: 0K9U.L - news) , and Shell Bulgaria, owned by Royal Dutch Shell (Xetra: A0ET6Q - news) , in an investigation into possible cartel agreements.

Bulgarians complain of high fuel costs despite a plunge in global oil prices and a call by Prime Minister Boiko Borisov for the competition authority to speed up checks on the fuel sector.

"Employees of the Commission for Protection of Competition are carrying out surprise checks on site at the offices of Eco Bulgaria and Shell Bulgaria," the commission said in a statement on Friday.

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Eco and Shell (LSE: RDSB.L - news) both confirmed in separate statements that checks were being made place at their offices and said they were fully cooperating, but denied any wrongdoing.

"We are confident that Shell Bulgaria operates in accordance with Shell's corporate values and its business principles for fair and ethical competition and within the framework of applicable legislation," the company said in a statement.

Eco Petroleum said the only reason it was included in the probe was that it is Bulgaria's fourth biggest fuel retailer.

The companies being investigated are all members of the Bulgarian Petrol and Gas Association, which has said there are no cartel agreements between any of its members.

The latest raids follow others earlier this month on the Bulgarian offices of Russia's Lukoil (Other OTC: LUKOF - news) and Romania's Rompetrol.

In February, the watchdog began investigating the four companies, as well as the offices of OMV (EUREX: 430021.EX - news) , Nis Petrol, controlled by Russia's Gazprom Neft and Bulgarian Petrol, over possible price fixing.

It (Other OTC: ITGL - news) has also launched a probe into the Lukoil Neftochim Burgas oil refinery over possible breaches of competition rules related to the sale of its fuels on the local market. (Reporting by Tsvetelia Tsolova and Angel Krasimirov; Editing by Alexander Smith/Ruth Pitchford)