Higher court cancels Gazprom Nefts anti-trust fine

The Federal Arbitration Court of the Northwest Federal District upheld lower court rulings to cancel a 4.7 billion ruble (US$154.8 million) anti-trust fine imposed on Russian oil major Gazprom Neft, according to PRIME-TASS Energy Service. The court rejected an appeal filed by the Federal Antimonopoly Service (FAS). In February, the Thirteenth Arbitration Court of Appeals upheld a ruling by the Arbitration Court for St. Petersburg and the Leningrad Region, which canceled the fine against Gazprom Neft on November 16, 2009, according to earlier reports. FAS imposed the fine on Gazprom Neft in late August 2009 for setting excessive prices for gasoline, jet fuel, and diesel fuel in the first half of 2009 and for abusing its dominant position on the market for these oil products. (August 10, 2010)