Gazprom ordered to pay $2.56B to Naftogaz

The price dispute over Gazprom's deliveries to Ukraine ended up at the worldwide arbitration court in Stockholm, Sweden in June 2014, and the arbitrator has now made a decision to award Naftogaz $4.63 billion in damages.

"It is important that both Russian Federation and Ukraine reaffirm their respective positions of a reliable supplier and transit country of gas, as was the case over the past years", the EC said.

The Russian gas giant said the outcomes of the two legal proceedings have resulted in a significant imbalance between Gazprom and Naftogaz as far as gas supplies and transit are concerned, contradicting the basic principles of Swedish law under which the contract is regulated. In the dispute over the gas transit contract, it is important not only the amount of compensation, but also the decision on the tariffs for the Russian gas transportation across Ukraine.

In a statement, Gazprom CEO Alexei Miller said the ruling meant the gas deals with Ukraine would no longer be commercially viable, so the company had no choice but to ask the court to terminate them.

Gazprom had meant to resume gas supplies to Ukraine for the first time since late 2015 when Kiev started buying gas from Europe to try to cut its energy dependence on Moscow.

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According to the Ukrainian contract Gazprom is supposed to supply 40bcm of gas in 2009, and starting from 2010, 52bcm annually, not the 5bcm figure decided by the arbitration tribunal.

"The arbitrators explained their decision with the sharp deterioration in the state of the Ukrainian economy". At the same time, the "take or pay" condition was preserved for 80% of this volume. Gazprom will have to make a net payment of United States dollars 2.56 to Naftogaz following the Awards in two gas Arbitrations. He also said due to lack of gas supplies from Russia Ukraine faced a gas deficit and had to limit fuel consumption in the country since March 6.

There has been a row over how much Gazprom should pay Kyiv as a transit fee in addition to the one over the cost of gas for Ukraine's use.

Gazprom demanded that Naftogaz should pay arrears for gas that had been supplied earlier.

(Copyright © 2015. All Rights Reserved.)
 
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