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Russian antimonopoly agency extends LUKOIL case hearing until October 3

15:06 08/09/2015

MOSCOW, September 8 (RAPSI) - The Federal Antimonopoly Service (FAS) has extended the term for hearing the administrative case on a violation in off-exchange trades against LUKOIL until October 3, RIA Novosti/Prime reported on Tuesday.

The case will be heard on September 24.

According to FAS reports, the extension is due to additional time needed to review new case materials. On August 18, the FAS requested extra information from the Saint-Petersburg International Mercantile Exchange from its off-exchange trade register for oil and oil product transactions hat were necessary for the LUKOIL case.

The FAS opened a case against LUKOIL last July. According to the case materials, between January 1 and 31, 2015, the company did not provide any information on its oil product transactions to the Saint-Petersburg International Mercantile Exchange.

Since 2013, the companies producing at least 1 million tons of oil and over 100,000 tons of oil products must register all off-exchange transactions involving raw materials and fuels, and report them to the Saint-Petersburg International Mercantile Exchange.

Last July, the FAS opened 20 administrative cases against various companies including NNK-Aktiv (former NK-Alliance owned by Rosneft ex-president Eduard Khudainatov) and its subsidiaries, and Gazprom’s subsidiary, Gazprom Gazenergoset. The defendants may be liable for up to 500,000 rubles ($7,296) in fines in each case.


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Russian antimonopoly agency extends LUKOIL case hearing until October 3

15:06 08/09/2015 The Federal Antimonopoly Service (FAS) has extended the term for hearing the administrative case on a violation in off-exchange trades against LUKOIL until October 3.
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