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APC fined Sinooil 3 million tenge

19 september 2011, 18:51
Photo courtesy of sinooil.kz
Photo courtesy of sinooil.kz
The Agency for Protection of Competition (APC) fined Sinooil company over 3 million tenge ($20.3 thousand), KazTAG reports citing the Agency’s press-service.

“Charges on administrative violation were initiated against Sinooil (owned by CNPC – China National Petroleum Corporation) over economic concentration on purchase of fuel station in Atyrau from Standard Gas company without the approval of the anti-monopoly authority, which is a breach of the Competition Law. A fine was imposed on Sinooil in the amount of over 3 million tenge,” the Agency’s press-release states.

APC discovered “a fact of provision of inaccurate information in the application” and suspended review of the application.

Besides, the APC terminated a deal on procurement of the fuel station in Almaty by Sinooil from Oktan-Gas company.

“This deal will enhance dominating position of Sinooil, that is why the deal was terminated,” press-service stated.

According to the APC, such termination is based on requirements of the new law On state regulation of production and turnover of certain types of oil products, limiting market share of retail sellers of oil products.

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