Statoil to Pay a $4 Mln Fine Over Swaps Manipulation

Statoil ASA will pay $4 million to settle U.S. charges that the energy company tried to manipulate a key propane benchmark in order to benefit its NYMEX-cleared swaps position, the Commodity Futures Trading Commission (CFTC) said on Tuesday.

In a statement, the U.S. regulatory agency said Norway-based Statoil (STO) in late 2011 had attempted to manipulate the Argus Far East Index, a key index of propane prices.
 

Reporting by Susan Heavey and Tim Ahmann