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BP facing US$20m fine over price rigging at natural gas hub in Texas

Published Tue, Jul 12, 2016 · 09:50 PM
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New York

BP PLC faces more than US$20 million in penalties and surrendered profits after a US regulator found that the energy giant manipulated commodity markets in Texas.

The Federal Energy Regulatory Commission (FERC) said that BP rigged prices at a Texas natural gas hub in 2008, according to an order issued on Monday, upholding an earlier ruling by the agency's judge. BP had denied the allegations.

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