Competition Council sets record fines for six Romanian oil companies

The Competition Council in Romania will fine the six largest oil companies in Romania by up to 3 percent of their 2010 turnover for allegedly agreeing to withdraw a type of gas, according to Mediafax newswire. If successful, the EUR 205 million total fine will set a new record high for Competition Council fines. It is also the only fine of its kind on the oil market in the EU.

The council started to investigate OMV, Petrom, Rompetrol, MOL, Agip and Lukoil in 2005 and continued the investigation in 2009. The six companies allegedly agreed to withdraw a type of gas - Eco Premium- from the Romanian market in 2008. The biggest fine could go to Petrom – some EUR 96 million. Rompetrol Downstream would have to pay around EUR 42 million, while Lukoil, some EUR 31.8 million, OMV Marketing – around the same amount, MOL Romania- EUR 18 million and Agip – some EUR 3 million.

The Competition Council announced the results of the investigation in a press conference earlier today (January 10). The biggest fines applied by the Competition Council in Romania so far were those to Orange Romania – some EUR 34 million, and to Vodafone Romania – around EUR 28 million in February 2011. The actual payment of these fines was suspended in May by the Bucharest Court of Appeal. editor@romania-insider.com (photo source: Sxc.hu)