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Slovnaft facing Sk1.3 billion fine

OIL refinery Slovnaft is facing an Sk1.3 billion (€33.5 million) fine
for its pricing policy.

According to unconfirmed findings of an audit carried out by the Slovak
Finance Ministry, Slovnaft has incorporated unjustified costs in its oil prices.

Slovnaft, whose nine month profit in 2004 recorded a 347 percent
growth year-on-year to Sk7.9 billion (€203.6 million), is protesting the possible fine. Its officials also stated that the company is prepared to appeal
to Slovak and European institutions if the ministry confirms the fine, the Pravda daily wrote.

It is expected that the Finance Ministry will publish the results and
details of the control of Slovnaft in the coming days.

Compiled by Martina Jurinová from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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