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Interfax.com  |  Interfax news  |  Regulator finds in favor of Rosneft in dispute...


News headlines


March 15, 2019 09:28

Regulator finds in favor of Rosneft in dispute with Lukoil over rates at Varandei Terminal

MOSCOW. March 15 (Interfax) - Russia's Federal Antimonopoly Service (FAS) has made a decision in favour of Rosneft (MOEX: ROSN) in a dispute with Lukoil (MOEX: LKOH) over oil handling rates at the latter's Varandei Terminal in the Arctic.

"FAS of Russia has found Varandei Terminal LLC in violation of the law on protection of competition," the regulator's press service told Interfax.

FAS did not say when the decision was made, or for what period the terminal will have to change its rates and by how much.

"Rosneft is satisfied with the decision of the Federal Antimonopoly Service recognizing the fact of the Lukoil Group company's abuse of its dominant position at the Port of Varandei. Our arguments were heard. FAS stated that the Lukoil Group company set and for several years maintained a monopolistically high, economically unjustified price for oil handling services at the Port of Varandei that exceeded average market indicators by many times," Rosneft said.

"And it is important to note that Lukoil has fully recouped its investments in the construction of the Arctic terminal at Varandei but continues to reap excess profit from its monopoly position at the expense of hurting the interests of consumers, foremost Bashneft-Polyus LLC," Rosneft said.

Lukoil, meanwhile, said it had not yet received the official ruling from the regulator. "In connection with information that has appeared in the media about a decision issued by FAS of Russia in regard to Varandei Terminal LLC concerning the setting of prices for oil handling services it provides, the press service of PJSC Lukoil reports that Lukoil Group organizations have not received official documents about this from the antimonopoly agency," Lukoil said.

"According to our information, the proceedings on this case were of a closed nature, so their results are not subject to disclosure. If FAS of Russia makes an official decision, options will be considered for further actions to protect the rights and legal interests of Lukoil Group within the bounds of current legislation," the company said.

Vp ak

(Our editorial staff can be reached at eng.editors@interfax.ru)

/Interfax/
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March 19, 2019
 
22:36
Nazarbayev created dynamically developing economy in Kazakhstan - Medvedev
 
22:05
 
21:54
Russian prosecutor general seeks confiscation of assets bought by public servants with 500 mln rubles from unproven sources
 
21:29
Shoigu has talks with al-Assad in Damascus, hands message from Putin (Part 2)
 
21:02
Moscow views consultations with U.S. on Venezuela reasonable despite some principled differences - Russian Foreign Ministry
 
20:58
Kazakh residents buying up U.S. dollars after Nazarbayev's statement of resignation as president; some exchange offices stop forex sales
 
20:48
Shoigu accuses West of putting up obstacles on path towards end of Syrian crisis at meeting with al-Assad
 
20:43
Nazarbayev tells Putin in telephone conversation about his decision to step down as Kazakh president
 
20:34
MOSCOW BELIEVES THAT DIALOGUE WITH U.S. ON VENEZUELA POSSIBLE, REASONABLE - RUSSIAN FOREIGN MINISTRY
 
20:34
RUSSIA-U.S. CONSULTATIONS ON VENEZUELA EXPOSED SEVERAL PRINCIPLED DIFFERENCES IN IDENTIFYING CAUSES OF CURRENT CRISIS IN THIS COUNTRY - RUSSIAN FOREIGN MINISTRY
 
20:31
NAZARBAYEV TELLS PUTIN BY PHONE HE DECIDED TO RESIGN AS KAZAKH PRESIDENT - KAZAKH PRESIDENTIAL PRESS SERVICE
 
20:23
NAZARBAYEV, PUTIN AGREE TO CONTINUE REGULAR CONTACTS IN FUTURE - KAZAKH PRESIDENTIAL PRESS SERVICE
 
20:21
Russian Prosecutor General suggests tightening punishment for offenses in defense industry
 
20:20
Shoigu has talks with al-Assad in Damascus, hands message from Putin
 
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