Rosneft and the Federal Anti-Monopoly Service of Russia has signed an agreement on the Standard regulating price formation principles and procedures for motor fuel sales on the local market of the Russian Federation by the Company. The document was signed by Rosneft Chairman of the Management Board Igor Sechin and the Head of FAS Igor Artemiev.
The Company’s standard defines the main principles of price formation and general procedure for motor gasoline and diesel fuel sales in Russia in accordance with the current legislation. Standard development and agreement was requested by the FAS as a part of Rosneft purchase of TNK-BP.
In accordance with this standard, the Company undertakes to sell motor fuel to all contractors on the domestic market, including subsidiaries and affiliates, at uniform wholesale prices calculated based on the prices of the own exchange sales considering market price indicators, including an export alternative, and to exclude discrimination of any market players.
Igor Sechin commented signing of the document: “This is a comprehensive document; significant effort has been fostered in its development. The price formula takes into account market quotations and other parameters like export alternative and deliveries from third party refineries. This document increases transparency and decreases risks not only for Rosneft, but for all market players”.