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Spain: National Assembly knocks down €20 million Repsol fine

 |  January 22, 2018

The Spanish National Assembly has annulled a fine of €20 million weighing over major energy company Repsol imposed in 2015 by the market regulator, the National Commission of Markets and Competition (CNMC). The company had appealed the procedure on grounds that the CNMC imposed the sanction on the parent company and not on the relevant subsidiary that should have been targeted instead.

The case stands out for being the second time that Repsol has dodged sanctions for this reason in a short time: on July 28, the Court annulled another fine of €22.6 million that the CNMC had imposed on Repsol because the regulator assigned that sanction to the parent of the group, Repsol SA.

In February 2015, following a series of raids and investigations, the CNMC determined that a price coordination agreement had been reached between gas stations that were chartered between Repsol and Cepsa over various periods between 2011 and 2013.

Repsol, in its appeal, recalled that Repsol SA does not carry out any marketing activity at service stations, and that this is a function of its subsidiary, Repsol Comercial de Productos Petrolíferos SA, owned by Repsol at 99.78%, and the rightful target for sanctions.

Full Content: El País

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