October 30, 2008 / 1:13 PM / 9 years ago

Russia says Rosneft, LUKOIL break competition laws

MOSCOW, Oct 30 (Reuters) - Russia’s anti-trust watchdog, known as FAS, said on Thursday that the Russian oil firms Rosneft (ROSN.MM) and LUKOIL (LKOH.MM) have broken competition laws on the domestic product market.

State-controlled Rosneft, which is the largest oil firm in the country, and no. 2 oil privately-owned oil company LUKOIL have abused dominant positions on the wholesale market of oil products, such as diesel, jet and fuel oil, FAS said.

    “The amount of the fine will be determined in a month’s time,” a representative at the anti-monopoly service said.

    In mid-July FAS challenged Russia’s five largest oil firms, Rosneft, LUKOIL, Gazpromneft (SIBN.MM), TNK-BP TNBPI.RTS and Surgutneftegaz (SNGS.MM) over high fuel prices.

    Reporting by Amie Ferris-Rotman and Vladimir Soldatkin

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