2017-06-06T16:49:00+03:00 Economy 2023-08-15T09:43:18+03:00

Ukrainian news

Ukrainian news

Gazprom Denies Stockholm Arbitration Court Invalidated 'Take Or Pay' Clause In Its Gas Contract With Naftogaz

Gazprom Denies Stockholm Arbitration Court Invalidated 'Take Or Pay' Clause In Its Gas Contract With Naftogaz

The Gazprom gas company (Russia) has denied the claims that the Arbitration Institute of the Stockholm Chamber of Commerce (Sweden) has cancelled the "take or pay" clause in the company's gas contract with the Naftogaz of Ukraine national energy company.

The Russia publication RIA Novosti reported this, citing Gazprom's deputy head Alexander Medvedev, Ukrainian News Agency reports.

As Ukrainian News Agency earlier reported, Naftogaz of Ukraine announced on May 31 that the Arbitration Institute of the Stockholm Chamber of Commerce had ruled against Gazprom in the dispute over the "take or pay" clause in the gas contract between the two companies.

According to Naftogaz of Ukraine, the arbitration institute also accepted its argument that the gas price under the contract with Gazprom should be reviewed and canceled the contract's clause that bans Naftogaz of Ukraine from re-exporting gas purchased from Gazprom.