ID :
184527
Thu, 05/26/2011 - 07:02
Auther :
Shortlink :
https://oananews.org//node/184527
The shortlink copeid
S. Korea's 4 major refineries fined 434.8 bln won for collusion
SEOUL, May 26 (Yonhap) -- South Korea's corporate watchdog said Thursday that it fined the nation's four major oil refineries a combined 434.8 billion won (US$442.7 million) for colluding in their operation of gas stations.
The four refineries -- SK, GS Caltex Corp., Hyundai Oilbank Corp. and S-Oil Corp. -- were found to have been avoiding selling their products to gas stations held by their competitors in order to guarantee their stable market shares without fierce competition, the Fair Trade Commission (FTC) said in a press release.
SK has to pay 138 billion won in fines, while GS Caltex, Hyundai Oilbank and S-Oil were fined 177.2 billion won, 74.4 billion won and 45.2 billion won, respectively, the FTC said.
The four refineries -- SK, GS Caltex Corp., Hyundai Oilbank Corp. and S-Oil Corp. -- were found to have been avoiding selling their products to gas stations held by their competitors in order to guarantee their stable market shares without fierce competition, the Fair Trade Commission (FTC) said in a press release.
SK has to pay 138 billion won in fines, while GS Caltex, Hyundai Oilbank and S-Oil were fined 177.2 billion won, 74.4 billion won and 45.2 billion won, respectively, the FTC said.
