Russia: AntiMonopoly Body Accuse Rosneft & Lukoil of Price Fixing The Federal Antimonopoly Service
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Wednesday, 05 November 2008 |
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The Federal Antimonopoly Service (FAS) announced that Russian oil
companies Rosneft and LUKoil broke competition laws in the Russian
market by fixing monopoly-like prices this summer.
The FAS found Rosneft and LUKoil fixed high prices for fuel, diesel
fuel, air fuel, and fuel oil. The agency will determine the size of
fines within the next two weeks. In July, the FAS sent inquiries to
major Russian oil producers LUKoil, Gazprom Neft, Surgutneftegaz,
TNK-BP and Rosneft over rising fuel prices. Earlier this month the
agency demanded that they all cut prices.
In September, Gazprom Neft and TNK-BP were also found in breach of
competition laws. The Russian oil industry has been somewhat in
disarray since the collapse of Yukos Oil which legally ceased to
exist in 2007 after the Moscow Arbitration Court completed its
liquidation.
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