The European Commission has fined 9 petrochemical makers, including Sasol, Exxon Mobil, RWE, ENI, Hansen & Rosenthal, Repsol and Tudapetro a total of €676 mln for forming a paraffin mafia to fix prices and portion out markets for wax. The cartel activities are reported to have occurred from 1992 to 2005, and the companies were well aware their activity was illegal. Prompted by an application from Shell for leniency in return for information in 2005, the EC began investigating with raids on petrochemicals companies. The moves by the companies were a serious infringement of EU treaty antitrust rules, compounded by the duration of the cartel.
Sasol, described as leader of the illegal cartel, has been imposed the largest individual fine of €318.2 mln.
Shell escaped a potential fine of €96 mln because it disclosed the matter first to the EU competition authorities.
08-Oct-08 
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