OREANDA-NEWS. On October 04, 2007 the 9th Arbitration Appeal Court confirmed validity of the decision of the Federal Antimonopoly Service (FAS Russia) to refuse granting the petition of "Gazpromregiongas" OJSC on purchasing 100% shares of "Kolymgorgaz" OJSC, reported the press-centre of FAS Russia.

FAS Russia established that "Kolymgorgaz" OJSC is an independent gas distribution company: 100% shares of "Kolymgorgaz" OJSC belong to the Khanty-Mansiisky automonoous okrug.

At the same time, consumers in the town of Kogalym also receive gas from an independent supplier - "LUKOIL-West Siberia" Ltd.

The antimonopoly body concluded that transaction on acquiring 100% of "Kolymgorgaz" OJSC by "Gazpromregiongas" OJSC would restrict competition on that gas sales market in Kogalym due to the danger of substituting the gas from an independent supplier by the gas from "Gazprom" OJSC.

Therefore, FAS Russia did not allow purchasing 100% shares of "Kolymgorgaz" OJSC by "Gazpromregiongas" OJSC.

The company disagreed with the decision of the antimonopoly body and appealed to the Moscow Arbitration Court. The Court, however, found the arguments of "Gazpromregiongas" OJSC unreasonable, thus confirming validity of the FAS Russia's decision.

The 9th Arbitration Appeal Court also dismissed the company's complaint.