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LUKoil increases assessed fines in third wave of antimonopoly cases to $27 mln

15:37 25/11/2011

MOSCOW, November 25 - RAPSI. LUKoil has increased the likely value of administrative fines against oil companies in the third wave of antimonopoly cases against them from $17 to $27 million as of September 30, the company reported.

On August 9, 2011, the Federal Antimonopoly Service issued a decision finding LUKoil guilty of establishing high monopoly prices for diesel between October and December 2010.

LUKoil's report for Q2 stated that the company formed a reserve amounting to $17 million to make payments as part of the antimonopoly hearings.

The company also reported that it paid a total of $111 million in fines as part of the first and second waves of antimonopoly cases.

The third wave was initiated in February 2011. The watchdog imposed sanctions against Rosneft, LUKoil, Gazprom Neft and TNK-BP for unjustifiably increasing 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 ($823.654 million). The sanctions were harsher in the second wave.

However, the antimonopoly service later concluded several amicable agreements with oil companies, reducing the claims to 15 billion rubles ($475.185 million).

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LUKoil increases assessed fines in third wave of antimonopoly cases to $27 mln

15:37 25/11/2011 LUKoil has increased the likely value of administrative fines against oil companies in the third wave of antimonopoly cases against them from $17 to $27 million as of September 30.
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