FAS ISSUED A WARNING TO “ROSNEFT” PJSC

The company reduced the volume of gasoline sales, simultaneously acquiring a considerable part of the goods on-exchange on the supply basis of Ai-92 gasoline by “Surgutneftegaz” OJSC

In FAS opinion, such actions created discriminatory conditions, hampering acquiring of exchange goods by independent market participants, and restricted supply of free volumes of goods through the exchange, which, in its turn, could have created demand-supply disbalance.

As a result of the above actions, on 28 March - 3 April 2018 the exchange index on this basis increased by around 2%.

Since actions of “Rosneft” PJSC have signs of breaching the antimonopoly law – creating discriminatory conditions and infringing the interests of consumers at large (Clause 8 Part 1 Article 10 of the Federal Law “On Protection of Competition”), FAS issued a warning to the company to stop the above actions by undertaking measures to eliminate the consequences of the violation by 17 April 2018:

• Adopt measures to prevent discriminatory on-exchange conditions for independent market participants, particularly, by increasing the volume of on-exchange sales of petrochemicals, based on the production capacity of economic entities – members of the same group with “Rosneft” PJSC
• If there is a need to buy petrochemicals through the exchange, “Rosneft” PJSC and economic entities – members of the same group should acquire them from economic entities – members of the same group with vertically-integrated companies, exclusively at an additional trading session.  

The company should report to FAS on executing the warning within three days after the deadline.