Unocal Under Probe
The Federal Trade Commission (FTC) is looking into whether Unocal Corp. engaged in anticompetitive conduct involving patents it holds associated with environmentally friendlier reformulated gasoline (RFG), Reuters reported.
Unocal confirmed the probe in a quarterly filing with the Securities and Exchange Commission (SEC) saying it learned of the investigation Monday. According to its filing, the FTC is investigation concerns raised by oil giant Irving, Texas-based Exxon Mobil Corp., which accused Unocal of unfair competition practices.
Specifically, ExxonMobil charged Unocal with anticompetitive conduct in the regulatory processes that created California and federal standards for reformulated gasolines, and therefore gained "monopoly profits" in the RFG market. ExxonMobil asked the FTC to look into the matter in March this year, according to the SEC filing.
Unocal confirmed the probe in a quarterly filing with the Securities and Exchange Commission (SEC) saying it learned of the investigation Monday. According to its filing, the FTC is investigation concerns raised by oil giant Irving, Texas-based Exxon Mobil Corp., which accused Unocal of unfair competition practices.
Specifically, ExxonMobil charged Unocal with anticompetitive conduct in the regulatory processes that created California and federal standards for reformulated gasolines, and therefore gained "monopoly profits" in the RFG market. ExxonMobil asked the FTC to look into the matter in March this year, according to the SEC filing.