Kazakhstan's Antimonopoly Service Launches Investigation Into Atyrau Oil Refinery
Photo: KMG press service
Kazakhstan’s Antimonopoly Service has launched an investigation into the Atyrau Oil Refinery over allegations of price inflation for oil refining, Orda.kz reports.
According to the Agency for the Protection and Development of Competition, a regional department analyzed price trends and production volumes in the oil refining market. Their findings revealed that the Atyrau Oil Refinery has been charging suppliers excessively high prices for the past two years.
The department uncovered signs of market abuse. Specifically, the Atyrau Oil Refinery set and maintained monopolistically high prices for oil refining, raising the average cost by 31% between 2021 and 2023, the Antimonopoly Service reported.
Authorities have officially opened an investigation into Atyrau Oil Refinery LLP.
The agency also reminded companies that Kazakhstan’s Entrepreneurial Code prohibits market practices restricting competition, including setting monopolistically high prices. If found guilty, the Atyrau Oil Refinery could face a fine.
The probe is just the latest controversy surrounding the refinery.
Earlier this year, the plant suffered a major accident involving a gasoline spill, and an ongoing labor dispute between the general director and a large portion of the workforce remains unresolved.
Original Author: Nikita Drobny
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