“Rosneft” transferred over two billion Rubles to the federal budget

The Federal Antimonopoly Service (FAS Russia) found that in the first half of 2009 “Rosneft” NK” OJSC had abused its dominance on the markets of motor petrol, diesel fuel and aviation kerosene. In October 2009 the antimonopoly authority fined “Rosneft” NK” OJSC 5.28 billion Rubles (2.588 % of the income of “Rosneft” NK” OJSC on the wholesale markets of motor petrol, diesel fuel and aviation kerosene in the Russian Federation in 2009).
On 24th November 2010, at a hearing at Moscow Arbitration Court “Rosneft” NK” OJSC withdrew its claim in the part of invalidating the decision and determination of the antimonopoly authority that the company had abused its dominant position on the wholesale market of oil products.
Also, upon a petition of “Rosneft” NK” OJSC the Court decreased the fine to 1% of the company’s income on the wholesale markets of motor petrol, diesel fuel and aviation kerosene in the Russian Federation in 2009 - 2,039,872,680 Rubles.
Reducing the fine to 1% of the income of “Rosneft” NK” OJSC on the wholesale markets of motor petrol, diesel fuel and aviation kerosene in the Russian Federation in 2009 was due to the mitigating circumstances: the company voluntarily adopted measures towards developing exchange trade and increasing the volume of oil products sold through exchange trade and ensured participation of retail companies - members of the group of persons of “Rosneft” NK” OJSC in exchange trade as buyers along with other economic entities.