July 27, 2018 / 2:07 AM / 4 months ago

PetroChina Daqing to pay $12 million fine for price-setting

BEIJING (Reuters) - PetroChina’s Daqing gas sales unit has been fined 84.06 million yuan ($12.35 million) for anti-trust violations over the sale of compressed natural gas, China’s market regulator said on Friday.

PetroChina’s Daqing gas sales branch in Heilongjiang province had used its dominant position in piped gas to the region to press 13 local suppliers of compressed natural gas to set a minimum sale price, the State Administration for Market Regulation (SAIC) said in a statement.

PetroChina, the country’s largest gas supplier, had also threatened to cut supplies to gas stations that refused to enter into the agreement, the SAIC said.

The fine comes as domestic liquefied natural gas (LNG) prices have surged amid lower domestic gas supplies and increasing demand from power plants.

PetroChina did not respond to a request for comment.

Reporting by Meng Meng and Aizhu Chen; editing by Richard Pullin

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