Politics

Not a knockout, but the knockdown. Klimkin commented on the decision of the Stockholm arbitration

The Minister of foreign Affairs Pavlo Klimkin stated that the decision of the Stockholm arbitration, which dismissed the claims of “Gazprom” for “Naftogaz” to 56 billion dollars under “Take or pay”, is a distinct advantage.

“The victory of Naftogaz in the Stockholm arbitration: not a knockout, but a clear advantage and the three knock-down,” wrote the foreign Minister in his Twitter.

The victory of Naftogaz in the Stockholm arbitration: not a knockout, but with a clear advantage and three knockdown 🙂

— Pavlo Klimkin (@PavloKlimkin) December 22, 2017

Earlier it was reported that the Stockholm arbitration completely dismissed the claims of “Gazprom” on the item “Take or pay” in the amount of $ 56 billion in 2009-2017 years.

Naftogaz Of Ukraine

According to the report:

  • The arbitration court fully dismissed the claims of “Gazprom” provision “take or pay” in the amount of $ 56 billion. in 2009-2017 gg.
  • “Naftogaz” has achieved reduction of future required annual volume of more than 10 times according to their actual needs to import gas
  • The price of gas from “Naftogaz” in Q2 2014, decreased 27% from $ 485./thousand cubic metres to $ 352./thousand cubic meters
  • Due to the revision of the contract price, “Naftogaz” has saved 1.8 billion us dollars. gas purchased in 2014-2015.
  • The arbitration court nullified the onerous provisions of the contract, bringing it to the European market standards
  • Naftogaz estimates the total positive effect of arbitral awards in more than 75 billion dollars. for the entire term of the contract for the supply of gas

It is noted that “Naftogaz” requires up to $ 16 billion. to arbitration on transit contract; a decision is expected on 28 February 2018.

As you know, in the Stockholm arbitration court began hearings on the dispute between the Ukrainian company “Naftogaz of Ukraine” and Russian gas monopolist “Gazprom” on the conditions of the contract for the supply of gas from Russia to Ukraine from 2009.

Videohas as a weapon: implications of the decision of the Stockholm arbitration in the case of “Naftogaz” against “Gazprom”

TSN. Week

4 Jun, 20:31

  • Gazprom
  • Naftogaz
  • Klimkin

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