TNK-BP, Gazprom Neft protest fines

MOSCOW, Nov. 25 (UPI) -- Energy producers Gazprom Neft and TNK-BP said they would appeal fines imposed by the Russian Federal Anti-Monopoly Service for falsely inflating prices.

FAS Monday imposed a $40 million fine on TNK-BP and a $49 million fine on Gazprom Neft, the oil arm of gas monopoly Gazprom. The move comes as both firms have dropped oil prices during the past few months.

The fines on TNK-BP are punishment for what FAS says were artificially high jet fuel and gasoline prices. Gazprom Neft was penalized for violating competition laws, the Platts news service reported Tuesday.

TNK-BP said it "intends to use all its available rights and remedies within the framework of the Russian legislation, including legal appeals, to contest the decisions of FAS, including the decision to impose the fine."

Russian President Dmitry Medvedev ordered the FAS probe earlier this year in an effort to find explanations for continued increases in jet fuel prices and passenger fares.