PetroKazakhstan executives hit with anti-monopoly charges
Last Updated: Monday, April 4, 2005 | 4:08 PM ET
CBC News
Thomas Dvorak, the president of PetroKazakhstan Kumkol Resources and PetroKazakhstan Oil Products (PKOP), and Clayton Clift, chief financial officer of the same companies, were charged by the former Soviet country's financial police.
The company said the financial police are alleging that PetroKazakhstan violated price ceilings established by Kazakhstan's Agency for Regulation of Natural Monopolies and Protection of Competition in August 2002.
The company said it believes the price ceilings are a violation of PetroKazakhstan's rights under the privatization agreements relating to the Shymkent refinery, in which Kazakhstan guaranteed to the refinery the right to sell oil products at free market prices.
"The ceilings established in 2002 did not at the time reflect market prices. Currently the ceilings are about 50 per cent or less of market prices," PetroKazakhstan said in a release.
"Market prices are effectively set by the competition of Russian imports, which can flow without any restriction into the Kazakh market and are not subject to Russian export taxes."
PetroKazakhstan called the charges "an unfortunate and unnecessary escalation in what is essentially a civil dispute."
Shares of PetroKazakhstan finished down $1.92 at $47.82 on the TSX.
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