Bukhara oil refinery fined for market manipulation, Competition Committee keeps figures secret

The Competition Committee provided information on its 2024 market monitoring results, revealing that last year, it identified 165 cases of violations related to exchange trading regulations. As a result, legal action was initiated against 156 business entities.

In 55 of these cases, companies were found guilty of price manipulation, leading to the unjustified acquisition of 77.7 billion UZS. The authorities instructed the companies involved to return the illegally obtained funds.

Additionally, 94 business entities were fined under the Law on Competition.

Companies involved in market manipulation

The committee cited three companies as examples:

• Bekobodcement JSC, operating in the Tashkent region, bypassed exchange trading by selling high-liquidity and/or monopoly cement products through direct contracts instead. This violated Article 29 of the Law on Competition and led to unjustified profits.
• Bukhara Oil Refinery LLC was also involved in market manipulation, resulting in unjustified earnings.
• GTL Gas LLC, based in Tashkent, engaged in similar manipulative practices and obtained unearned profits.

“As a result, financial penalties were imposed on all the businesses involved,” the statement said.

Competition Committee refuses to disclose specific details

Kun.uz asked the Competition Committee’s press service to clarify which products were manipulated by Bukhara Oil Refinery and GTL Gas, how much unjustified profit was obtained, and the exact amount of fines imposed.

However, the committee responded that it was not appropriate to disclose the full details.

“Business entities may request that investigations into their activities remain undisclosed and not be published in the media, which is not prohibited,” the committee stated.

Legal framework and background

According to the Law on Competition, violations of trading regulations can result in a fine amounting to 3% of the initial price of the traded goods.

Bukhara Oil Refinery, part of Uzbekneftegaz, is one of Uzbekistan’s largest oil refineries and plays a key role in supplying the domestic market with gasoline and diesel fuel.

GTL Gas LLC, registered on June 24, 2024, is engaged in fuel trading. The company’s charter capital is 1 million UZS, and its sole founder and director is Mirtora Akbarov.