LONDON -(Dow Jones)- Irish budget airline Ryanair PLC (RYA.DB, RYAAY) has launched a multimillion euro lawsuit against Exxon Mobil Corp. (XOM), accusing the world's second-largest oil company of overcharging it for aviation fuel, the Guardian reports Tuesday. Citing court documents, the newspaper reports Ryanair is claiming at least EUR9 million in compensation--plus an unspecified amount for lost profit--after the oil major allegedly ramped prices over a seven-year period. The claim, which equates to at least 2% of the airline's 2011 pretax profit, follows an Italian competition authority ruling in 2006 that Exxon and other aviation fuel suppliers in Italy had breached European competition rules. An Exxon spokeswoman said: "Esso Italiana can confirm that Ryanair initiated proceedings against it in 2011 regarding historic jet fuel sales in Italy. We do not wish to comment further." Ryanair, which is claiming damages for fuel supplies made between 1999 and 2006, declined to comment, the paper reported. Full story at: http://www.guardian.co.uk/business/2012/feb/28/ryanair-lawsuit-exxonmobil-aviation-fuel -By London Bureau, Dow Jones Newswires, +44 207842 9471
