Bulgaria may slap 150 mln euro fine on Russia’s Lukoil

MOSCOW, Oct 25 (PRIME) -- Russian oil major Lukoil may receive a 150 million euro fine from Bulgaria’s Commission for Protection of Competition, which accused the company of a fuel price collusion, Lukoil said on Tuesday in a prospectus for its Eurobonds.

On October 10, the commission said in a statement that it charged local units of Russian oil major Lukoil, Royal Dutch Shell, Austria’s OMV and EKO Bulgaria with collusion by exchanging pricing data and conducting a common pricing policy on the gasoline and diesel fuel market. All the companies, including Nis Petrol EOOD and Petrol AD, were charged with violations of competition legislation.

“If we fail to successfully object to that, to file an appeal or in some way block the ruling, the dispute may lead to introduction of a fine of up to 150 million euros on Lukoil Bulgaria EOOD, which will be calculated as a percentage of the company’s turnover in the year ending on December 31, 2015,” the prospectus read.

The companies charged with the price collusion will be able to appeal until November 9.

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