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Slovnaft could face Euro 33 million fine

Hungarian gas and oil company Mol Rt?s Slovakian subsidiary Slovnaft may be fined for 1.3 billion Slovak korunas (Euro 33.5 million) by the Slovakian state. The Slovak government warned about the fine as early as Dec. 20, 2004 after the company decided to hike pump prices above the expected rate. In Q1-Q3 Slovnaft saw its profit surge by 347% to 7.9 Slovak korunas. The company is protesting the penalty and has announced plans to make recourse to Slovak and European institutions to seek justice if the ministry approves the fine, Bratislava?s daily Pravda reported. Mol Rt did not wish to comment on the news to BBJ Online.