OMV Books EUR120M Provision In 4Q For Petrom Fine
Austrian oil and gas group OMV Friday said it booked a special charge of some EUR120 million in the fourth quarter of 2011, for the fine imposed by Romanian competition authorities to OMV Petrom (SNP.RO) following a fuel market probe.
“Net special charges in the quarter include personnel related costs but relate mainly to the provision of approx. EUR120 million for the fine imposed on Petrom as a result of the antitrust investigation by the Romanian Competition Council. The company believes this fine to be unwarranted and is preparing its defense,” OMV noted in its fourth quarter trading statement.
In January, Romanian antitrust regulator fined six top players in the local oil industry with a total of around 880 million lei (some EUR200 million) for having breached competition laws.
The companies included in the Petrom group were fined a total RON503.8 million lei (some EUR115 million), representing 57% of all fines issued against the six companies involved in the probe, namely RON880.5 million. (EUR1=RON4.3467)
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