Economy 2022-04-15T07:01:32+03:00
Ukrainian news
Gazprom And Naftogaz Begin Talks On Termination Of Gas Supply And Transit Contracts

Gazprom And Naftogaz Begin Talks On Termination Of Gas Supply And Transit Contracts

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negotiations, gas, Naftogaz, Gazprom

The Gazprom gas company (Russia) and the Naftogaz of Ukraine national energy company have begun negotiations on termination of their contracts for supply and transit of natural gas.

The TASS news agency reported this, the Ukrainian News Agency reports.

"Yes, indeed, a meeting between Gazprom and Naftogaz of Ukraine took place last week. A negotiation process within the procedure for termination of the contracts for supply and transit of gas has begun," Gazprom's Deputy Board Chairman Oleksandr Medvedev told reporters.

According to him, Gazprom has again Naftogaz of Ukraine that it will challenge the Stockholm Arbitration decision on the transit contract and that the relevant appeal will be filed before the end of March.

As Ukrainian News Agency earlier reported, Gazprom intends to terminate its contracts for supply and transit of natural gas with Naftogaz of Ukraine to avoid future penalties for annual transportation of less than 110 billion cubic meters of gas on transit through Ukraine.

The Arbitration Institute of the Stockholm Chamber of Commerce ruled in favor of Naftogaz of Ukraine on February 28 in a dispute in which it claimed USD 4.63 billion from Gazprom as compensation for failing to deliver the agreed volumes of natural for transportation on transit through Ukraine.

Gazprom will have to make a net payment of USD 2.56 billion to Naftogaz of Ukraine since the arbitration institute previously ordered Naftogaz of Ukraine to pay Gazprom for gas supply arrears.

The arbitration decision also confirmed Gazprom's legal obligations regarding gas supplies under the transit contract.

Gazprom announced on March 2 that it intended to begin the process of terminating its contracts with Naftogaz of Ukraine for supply and transit of natural gas at the Arbitration Institute of the Stockholm Chamber of Commerce.

According to President Petro Poroshenko, the contract between Naftogaz of Ukraine and Gazprom cannot be terminated unilaterally.

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