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Antimonopoly watchdog fines Gazprom $29 mln

13:33 27/12/2011

MOSCOW, December 27 - RAPSI. The antimonopoly service has fined Gazprom Neft over $29 million within the "third wave" of antitrust cases against Russian oil giants, the watchdog reported.

The watchdog earlier found Gazprom Neft guilty of breaking the antitrust law and manipulating diesel and jet fuel prices. The antimonopoly service decided the oil giant abused its position and established unjustifiably high prices on diesel and jet fuel in the period between the fourth quarter 2010 and early 2011. Gazprom Neft was also accused of unfair competition practices.

Gazprom Neft then voluntarily eliminated violations.

The Federal Antimonopoly Service initiated three waves of antitrust cases against oil companies. The third wave was initiated in February 2011. The watchdog imposed sanctions against Rosneft, LUKOIL, Gazprom Neft and TNK-BP for unjustifiably boosting prices on oil products.

The total amount of the fines imposed against oil companies as part of the first two waves in 2008-2009 was 26 billion rubles ($928.7 million). The sanctions were harsher in the second wave. However, the antimonopoly service later entered into several amicable agreements with the oil companies, reducing its claims to 15 billion rubles ($480 million).

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Antimonopoly watchdog fines Gazprom $29 mln

13:33 27/12/2011 The antimonopoly service has fined Gazprom Neft over $29 million within the "third wave" of antitrust cases against Russian oil giants.
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