“TNK-BP” Holding OJSC decided not to challenge the FAS Russia’s decision and determination

Ноября 03, 2010

At a hearing in the 8th Arbitration Appeal Court of appeals of FAS Russia and the Prosecutor’s Office of the Tyumen Region, “TNK-BP” Holding OJSC withdrew its claim about invalidating the decision and determination of the Antimonopoly Service that the company had abused dominance on the wholesale market of petrochemicals.

Following a petition of “TNK-BP” Holding OJSC, the Court ruled to reduce the fine 1% of the company’s income on wholesale markets of motor petrol and aviation kerosene in the Russian Federation in 2009.
As stated by the head of FAS Russia Igor Artemyev: “The fine was reduced to 1% of the income gained by “TNK-BP” Holding OJSC on wholesale markets of motor petrol and aviation kerosene in the Russian Federation in 2009 is due to mitigating circumstances related to voluntary measures on developing exchange trade and increasing the volume of petrochemicals sold through exchange trade as well as ensuring participation of sales companies – members of the same group of persons with “TNK-BP” Holding OJSC - in exchange trade as buyers upon non-discriminatory conditions with other economic entities”.
FAS Russia will control how “TNK-BP” Holding OJSC executed the determination on the case and transfer the administrative fine to the federal budget – 1,170,872,049 Rubles.