FAS approved a petition of “Rosneft” NK” PJSC

Albeit with conduct conditions

FAS considered and approved a petition of “Rosneft” NK” PJSC on acquiring voting shares of “Bashneft” ANK” PJSC; however, the antimonopoly body issued a determination with certain requirements.

Within the next two years the company should sell refueling stations in those regions where the aggregate share of “Rosneft” NK” PJSC and “Bashneft” ANK” PJSC on retail markets of motor fuel exceeds 50%.

According to the determination, the company should sell oil products (motor petrol, fuel oil, diesel fuel, aviation kerosene on the basis of an oil refinery - “Bashneft” ANK” PJSC) through the commodities exchange, following an order (1) of FAS Russia and the Ministry of Energy and observing the criteria of а evenness and regularity of selling goods through exchange, approved by the Government of the Russian Federation.

“Rosneft” NK” PJSC also should devise changes to its trading policy (2) in the part of developing small wholesale sale of oil products and submit them to FAS for approval. In the opinion of the antimonopoly authority, such actions will enable publicity and accessibility to information on the pricing procedure, and prevent economically and technologically unjustified refusals to conclude contracts with buyers.

Reference:

1. No. 3/15/3 Order of FAS Russia and the Ministry of Energy “On approving the minimum value of oil products sold through oil products exchange and particular categories of goods, produced of oil and gas, and the requirements to exchange trading in the course of which an economic entity with the dominant market position performs transactions with oil products as well as particular categories of goods, produced of oil and gas, and invalidating No. 313/13/225 Order of FAS Russia and the Ministry of Energy of 30 April 2013” of 12 January 2016.

2. The standard of “Rosneft” NK” PJSC “General pricing principles and the procedure for selling motor fuel on the domestic market of the Russian Federation”.