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Russia finds largest oil producer broke competition laws

By Bernard Hibbitts (editor) and University of Pittsburgh School of Law students.

[JURIST] Russia's Federal Anti-Monopoly Service on Wednesday said that Rosneft, the country's largest oil producer, broke unfair competition laws by over-inflating wholesale prices of petroleum products. According to the FAS, Rosneft violated Article 10 of the country's Law on the Protection of Competition by artificially decreasing the available supply of gasoline, kerosene, and diesel fuels during the first half of 2009. The FAS said that Rosneft could face fines of between one and 15 percent of the revenues it gained from the illegally marked-up products. A spokesman for Rosneft has said the company plans to appeal the finding. Oil companies Gazprom Neft and TNK-BP have also been found to have broken the law. Earlier this month, Russian Prime Minister Vladimir Putin urged lawmakers to pass an antitrust bill that would impose criminal penalties for unfair competition. Last year, FAS previously condemned Rosneft for breaking competition laws during the summer of 2008. The government agency previously demanded that several oil companies cut their oil prices.

Full post as published by JURIST - The Paper Chase on July 30, 2009 (boomark / email).