07:46 GMT25 May 2020
Listen Live
    Russia

    Antitrust agency fines Gazprom Neft, TNK-BP

    Russia
    Get short URL
    0 11
    Subscribe

    Russia's Federal Antimonopoly Service (FAS) has fined Gazprom Neft and TNK-BP tens of millions of dollars each for abusing their dominant market positions, the service said on Monday.

    MOSCOW, November 24 (RIA Novosti) - Russia's Federal Antimonopoly Service (FAS) has fined Gazprom Neft and TNK-BP tens of millions of dollars each for abusing their dominant market positions, the service said on Monday.

    "The fines have been set at 1.356 billion rubles ($47 million) for Gazprom Neft and 1.112 billion rubles ($40 million) for TNK-BP," a spokesman said.

    Both companies said they would appeal the fines. "We were not aware of the FAS decision, but we intend to contest it," a Gazprom Neft spokesman said.

    "TNK-BP is ready to use all capabilities envisaged by law, including applying to a court to appeal the FAS decisions, including those imposing a fine," the British-Russian oil company said in a news release.

    The TNK-BP Management company and Gazprom Neft, the oil producing arm of energy giant Gazprom, were found to be in breach of competition laws in September. The anti-monopoly service said two weeks ago that the fine would be at least 1 billion rubles for each company.

    The regulator sent inquiries to 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.

    Community standardsDiscussion
    Comment via SputnikComment via Facebook