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Monday, October 20, 2008

Oil majors get regulatory warning

RBC, 17.10.2008, Moscow 09:33:46 – The Federal Anti-Monopoly Service has issued a warning to seven of Russia's largest oil companies - LUKoil, Gazprom Neft, Rosneft, TNK-BP Holding, Surgutneftegas, Tatneft and Alliance Oil Company - demanding that they cut prices for oil products to fit market conditions. According to the open letter the watchdog posted on its official website, there is nothing to prevent vertically integrated oil companies from lowering prices, which would in turn eventually bring down retail prices, under current economic or technological conditions. According to the federal service's data, vertically integrated oil companies are responsible for around 70 percent of total sales of oil products manufactured in Russia.

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