New Initiatives Against Oil Majors

The head of Russia’s Antimonopoly Service suggested splitting up vertically integrated oil supermajors into retail, wholesale and production. However, there is no need to rush: the government must take time to prepare the reform. In the meantime, a company’s presence must be restricted to 35% market share in any subject of the federation.

Igor Artemyev also said that the competition watchdog supports participation of wide society, civil organizations and individual activists, in monitoring the retail prices of petrol. The organization, he said, would encourage general public to take part in lawsuits against oil companies which raise prices on petroleum products.

Igor Artemyev was speaking in the Federation Council, the upper house of the Russian Parliament.