Antitrust Service Fines Russian Oil Giant Rosneft $9 Million

24.09.2008 (10:43)

The Irkutsk department of Russia's Federal Antimonopoly Service has fined state oil company Rosneft 229 million rubles ($9.1 million) for abusing its dominant position on the wholesale gasoline market.

"The violation was in the creation by Rosneft of favorable oil product purchase conditions for its subsidiaries and discriminatory conditions for buyers that are not part of the company group," the service said according to RIA Novosti.

In July, the Irkutsk department found the company to be in breach of laws on domestic sales of oil products, and ordered it to rectify the situation. The body also ruled that Rosneft must sign contracts with all buyers except when this is economically or technologically impossible.

The probe was launched in May after experts established that Rosneft's subsidiary Irkutsknefteproduct was supplied gasoline under a long-term contract while other wholesale clients had to bid in monthly tenders.

Rosneft is Russia's largest oil company. Its U.S. GAAP net profit for the first half of 2008 was $6.876 billion, a year-on-year increase of 187%.

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