INEOS Statement: European Commission Investigation
INEOS has today confirmed that it has been named in a European Commission decision regarding anti-competitive practices in the ‘purchase’ of styrene monomer on the merchant market prior to 2018.
The practices were uncovered as a result of INEOS’ internal compliance programme and were voluntarily disclosed to the European Commission.
Based on the company’s voluntary notification and its full cooperation, the European Commission granted INEOS immunity from its fines.
Certain INEOS employees were operating under the mistaken belief that activities that aimed to improve buyer power were acceptable and believed this would benefit the customer.
This view changed when the European Commission announced its first investigation of purchasing practices within the chemical sector, related to the purchase of ethylene. The case highlighted a focus on supply chains which cooperate to reduce supply prices, whereas historically the focus of the European competition authorities had typically been on the sale of goods, so as to protect consumers from elevated pricing.
INEOS was not involved in the ethylene case, but after the investigation was announced, it reviewed purchasing processes across the entire group. As a result, it found similarities in purchasing practices within the styrene monomer industry and reported its findings to the Commission, which led to the current investigation.
INEOS is committed to fair and open competition. Its policies and procedures prohibit its employees from engaging in anti-competitive practices.
ENDS
Media Contacts
Richard Longden (INEOS)+41 799 626 123
Andrew McLachlan (Media Zoo)07931 377162
Alex Williams (Media Zoo)07793 207325