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Russian antitrust body to fine TNK-BP, Gazprom Neft $36 mln each

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Russia's Anti-Monopoly Service plans to fine oil producers TNK-BP and Gazprom Neft at least $36.4 million each for abusing their market positions, the antitrust watchdog said Wednesday.
MOSCOW, November 12 (RIA Novosti) - Russia's Anti-Monopoly Service plans to fine oil producers TNK-BP and Gazprom Neft at least $36.4 million each for abusing their market positions, the antitrust watchdog said Wednesday.

The Russian-British oil firm TNK-BP Management and the oil producing arm of energy giant Gazprom were found to be in breach of competition laws in September.

"The fine will not be under 1 billion rubles for each company," the service said, adding that the issue of setting the fine had been postponed until November 24.

The anti-monopoly regulator sent inquires to Russia's major crude producers LUKoil, Gazprom Neft, Surgutneftegaz, TNK-BP, Rosneft and other companies in July over hikes in fuel prices, and demanded in September that seven of them cut prices.

Allegations against Surgutneftegaz have been dropped.

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