UPDATE 1-Gazprom Neft says court overturns anti-trust fine

* Anti-trust body will go ahead with appeal

* Another 1.3 billion roubles fine still in place

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MOSCOW, Nov 12 (Reuters) - A Russian arbitration court overturned a 4.7 billion rouble ($163.8 million) fine imposed on oil company Gazprom Neft (GAZP.MM) by competition watchdog FAS for violating anti-trust laws, the company said on Thursday.

"Based on revision of all the arguments, the court came to the conclusion that the acts put forward by FAS against Gazprom Neft were unlawful and unfounded," Gazprom Neft, the oil arm of gas giant Gazprom (GAZP.MM), said in a statement.

The fine was imposed for violations that allegedly took place earlier this year.

An FAS spokesman said the body will proceed with an appeal, pointing out that two Gazprom Neft subsidiaries have already paid smaller fines for the same issue.

"We will appeal against the verdict. Gazprom Neft-Kuzbass and Gazprom Neft-Ural have paid more than 70 million roubles of fines after they were unable to win court cases against FAS," Sergei Noskovich told Reuters.

The fines were a part of broader campaign by authorities battling high petrol prices amid the economic downturn.