TNK-BP Will Be Penalised by $60 Million

TNK-BP Holding may be penalised by as much as 1.8 billion roubles (ap. $60 million) for breach of the competition law, announced the head of the Federal Antimonopoly Service Igor Artemyev. ‘The fine will be far more than 1 billion roubles, close to 2 billion roubles, about 1.8 billion roubles,’ he said.

Igor Artemyev also noted that the antitrust watchdog ‘has increased vigilance’ after President Dmitry Medvedev asked to keep an eye on prices for petrol.

The FAS seems to be in a state of war with oil companies since last February. The later, according to authorities, keep the price of oil products artificially inflated. Proceedings were instituted against Lukoil, Rosneft and GazpromNeft. There were ‘questions’ to Bashneft, TNK-BP and Surgutneftegas.