The Stockholm arbitration court will resume hearings in the case of “Naftogaz” and “Gazprom”. The Cards Ukraine

Today, October 9, the Stockholm arbitration court will resume hearings in the case of “Naftogaz Ukraine” and Russian “Gazprom”.

“Because “Naftogaz” and “Gazprom” failed to reach agreement on the implementation of individual decisions (Separate Award), adopted by the arbitral Tribunal in June this year, now the Tribunal must consider the parties ‘ positions and to take appropriate decisions,” – said the chief commercial Director of the group “Naftogaz of Ukraine” Yuriy Vitrenko.

We will remind, in his separate decision of the Stockholm arbitration, in particular, fully and finally refused “to Gazprom” in satisfaction of the claim for payment of “Naftogaz” of amounts accrued in accordance with the provisions of the contract take-or-pay; determined the principle on which this provision should be changed in the future; recognized the right of “Naftogaz” on the revision of the contract price and bringing it to the level of prices on the European market (a specific hub) from April 2014, and receive from “Gazprom” compensation for the overpayment.

The parties during negotiations was to negotiate changes in the contract regarding the provision of “take or pay” and to recalculate (decrease) the cost of gas for Ukraine. But agreement never came.

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“Without Gazprom’s gas we can easily do. In our stores already enough gas for the normal passage of the winter period. To pay anything on the claim of Gazprom’s “take or pay” we certainly don’t need is the final (albeit “private”) arbitration decision. Claims “Gazprom” on this item exceeded $ 40 billion and has increased every day. So here everything is good for us. Therefore, we welcome these hearings. And, as usual, we carefully prepared,” – said Vitrenko.

Arbitration plans to make a decision on both claims in respect of contracts for the sale of gas and transit – until the end of November 2017.

“Regarding the contract for gas transit in particular, required to bring the contract into line with European and Ukrainian energy legislation to revise (including retrospectively) rate according to the European conditions of the tariff, and to pay us compensation for the lost revenue from transit. We are talking about compensation from several billion dollars to an amount that greatly exceeds $ 10 billion (each day the amount is increased by the lost revenue during this period),” – said Vitrenko.

Recall, Ukraine for almost two years not directly buying gas from Russia, and only carries out its transit to Europe.

Video”Naftogaz of Ukraine” may lose international loans and investments

TSN. 19:30

September 20, 20:21