MOSCOW, September 18 (RAPSI) – The Federal Antimonopoly Service (FAS) has suspended the hearing of a case on an administrative violation during off-exchange transactions involving Bashneft to collect further evidence, RIA Novosti reports citing Dmitry Makhonin, Head of the Fuel and Energy Oversight Directorate.
“This case has been suspended until we have the necessary evidence. We’re working on it,” Makhonin said.
Since 2013, companies that produce at least 1 million metric tons of oil and over 100,000 tons of oil product must register all off-exchange fuel and oil stock transactions and report them to the St. Petersburg International Mercantile Exchange (SPIMEX).
Last July, the FAS opened a case against Bashneft. Allegedly, between January 1 and 30, 2015, the company failed to report its off-exchange transactions to SPIMEX. In late August, the FAS resolved that the Bashneft case be extended until September 19 in order to review the case materials more thoroughly.