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Bashneft and LUKOIL suspected of collusion at oil market

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10:50 19/03/2012

MOSCOW, March 19 - RAPSI. Russian top ten oil company Bashneft is suspected of colluding with LUKOIL and illegally obtaining a license for the Trebs and Titov oil fields.

State Duma deputy Sergei Karginov has appealed to the government seeking to return the oil field under public control.

Bashneft stated that Karginov's information is false and damages the company's business reputation and the investment climate in Russia in general.

Bashneft President Alexander Korsik has alleged that some people decided to bad mouth his company in order to manipulate its share prices at the stock exchange.

Meanwhile, Bashneft shareholder filed a lawsuit with the Moscow Commercial Court seeking to invalidate an order to register the development license for the oil field to Bashnefts subsidiary Bashneft-Polyus.

Bashneft obtained the 25-year license in February 2011. Bashneft and LUKOIL established a joint venture in April 2011 for the development of the mentioned oil fields.

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Bashneft and LUKOIL suspected of collusion at oil market

10:50 19/03/2012 Russian top ten oil company Bashneft is suspected of colluding with LUKOIL and illegally obtaining a license for the Trebs and Titov oil fields.
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