Oil & gas company OMV Petrom lost the case against Romania’s Competition Council in which it challenged the highest fine ever issued by the competition watchdog.
However, the High Court reduced the fine against OMV Petrom from EUR 82 million to EUR 66.5 million, which means that the state will have to pay back some EUR 15.5 million to the company because the fine was enforced immediately after it was issued, at the end of 2011.
“Although the court reduced the amount, this remains the biggest sanction ever ruled by the Competition Council.”
Lukoil Romania, which is part of Russian group Lukoil, also lost the case against the Competition Council on Friday. Lukoil’s fine was also reduced from almost EUR 31 million to EUR 25 million.
In 2011, the competition authority sanctioned six oil companies with fines totaling EUR 196 million for making an anticompetitive deal to simultaneously withdraw a gasoline type from the market. The other four sanctioned companies were OMV Petrom Marketing, Mol Romania, Rompetrol Downstream, and Eni Romania.
All the companies challenged the sanctions against them but lost. However, they had their fines reduced by a total EUR 37 million to EUR 159 million.
Source: Energy world mag