Interfax reported that the Russian Federal Antimonopoly Service could lower a fine of RUB 5.28 billion on Rosneft for breach of antimonopoly legislation considerably if the oil producer signs an amicable agreement.

Mr Igor Artemiyev FAS chief said "If Rosneft acknowledges its guilt, we might cut the fine to 1% the law prevents us from going any lower. Their fine is 1.1% and 4% or more under the second wave so theoretically, the fine could be reduced 75%."

He said that "We don't intend to sign any settlements without permission from the government. And the FAS never signs agreements unless a company acknowledges its guilt."

The Moscow Arbitration Court at the end of May postponed an appeal by Rosneft against a FAS ruling of July 29th 2009 on breach of anti-monopoly legislation in the fuel market until June 21st. Court officials said Rosneft itself asked for the appeal to be put back because an out of court settlement was in process.

The case had previously been put back until the Supreme Arbitration Court heard an appeal against a fine imposed on TNK-BP. The Supreme Arbitration Court on May 25th upheld a decision by the FAS to fine TNK-BP more than RUB 1 billion.

The FAS on July 29th 2009 deemed that Rosneft had abused its commanding position in the fuel market by withdrawing products from circulation, pushing wholesale prices up restricting competition and diminishing the interests of other parties.

(Sourced from Interfax)