Shell CFO: Platts provides great oil price transparency
BY SELINA WILLIAMS
THE HAGUE -- Shell does not know what exactly European Union regulators are investigating in a probe of the oil market, beyond what has been disclosed in public statements, the company's CFO, Simon Henry said.
We don't know what the source is nor what the specifics of the allegations are Mr. Henry told reporters on the sidelines of the company's annual general meeting in The Netherlands. Shell is cooperating fully with the EU investigation, he added.
Mr. Henry said that Platts, which is also being investigated as part of the probe, improves transparency in the oil market.
The Platts mechanism provides great transparency of the trades that take place in the window he said, referring to Platts daily trading window that is used to assess market prices. The system is as transparent as it could be given that the physical oil market is so complex and covers many different grades of crude and refined oil products, some of which are infrequently traded, he added.
Dow Jones Newswires