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FAS fines Gazpromneft nearly one billion rubles

December 27, 2011, 13:20 UTC+3
The company recognized in writing the instance of violating the law on the protection of competition
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MOSCOW, December 27 (Itar-Tass) —— Russia’s Federal Antimonopoly Service FAS has fined Gazpromneft nearly one billion rubles in what it said was a third wave of anti-trust cases against vertically integrated oil companies.

Earlier, the FAS found Gazpromneft responsible for anti-monopoly legislation abuse. Under article 14.31 of the administrative abuse code of the Russian Federation the FAS fined the company 979,293,414 rubles.

Gazpromneft abused its dominating position on the market by setting a monopolistically high price of diesel fuel and jet kerosene in the fourth quarter of 2010 and the beginning of 2011, and also by creating a discriminatory business environment.

The company recognized in writing the instance of violating the law on the protection of competition and also presented verbal and written explanations it had eliminated the abuse and its effects. These and other circumstances were taken into account by the FAS in making a decision to set the administrative fine.

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