Bulgarian Parliament to Hold Hearing over Fuel Cartel Probe

Business » ENERGY | March 15, 2012, Thursday // 09:04
Bulgaria: Bulgarian Parliament to Hold Hearing over Fuel Cartel Probe Photo by tek.bg

The Parliamentary Economic Committee will hold a hearing Thursday of Petko Nikolov, Chair of the Commission on Protection of Competition (KZK), on the cartel probe conducted among fuel traders.

The investigation spans the activity of fuel retailers Lukoil Bulgaria, Naftex Petrol, Rompetrol and OMV.

It was launched in the summer of 2011 on suspicions of a price-fixing cartel.

Lukoil was also investigated for abuse of dominant position.

Bulgaria's anti-trust watchdog also carried out a sector analysis of fuel trade in 2011.

In the course of the probe, KZK found clauses stipulating discounts in Lukoil's wholesale contracts that could lead to a distortion of competition.

Bulgaria's Law on Protection of Competition envisages a penalty of up to 10% of the company's turnover for the preceding year in such cases.

According to media reports published last week citing the KZK report, four of the biggest fuel retailers in Bulgaria are to be fined over a cartel agreement.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

Energy » Be a reporter: Write and send your article
Tags: fuel retailer, KZK, Commission on Protection of Competition, Petko Nikolov, cartel probe, Lukoil, OMV, Rompetrol, Naftex Petrol, Lukoil Bulgaria, price-fixing
Advertisement
Advertisement
Expats.bg All Are Welcome! Join Now!
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria