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Economy 2019-03-15T04:07:43+02:00
Ukrainian news
Naftogaz Ready To Reduce Size Of Its Claim Against Gazprom To USD 2 Billion If Long-Term Gas Transit Contract

Naftogaz Ready To Reduce Size Of Its Claim Against Gazprom To USD 2 Billion If Long-Term Gas Transit Contract Concluded

The Naftogaz of Ukraine national energy company is ready to reduce the size of its claim against the Gazprom gas company (Russia) from USD 12 billion to USD 2 billion if a long-term contract for transit of natural gas through Ukraine is concluded.

Naftogaz of Ukraine’s Executive Director Yurii Vitrenko announced this in a statement, Ukrainian News Agency reports.

"In that case, our claim will not be USD 12 billion but only USD 2 billion because USD 2 billion remains the proportion of expenditures that are not covered by the current tariff, even with accelerated depreciation of the gas transmission system," he said.

Vitrenko said he was referring to the new arbitration claim that Vitrenko filed in the spring and that this was in addition to the USD 2.7 billion that has already been collected from Gazprom.

As Ukrainian News Agency earlier reported, Naftogaz of Ukraine’s Board Chairman Andrii Kobolev recently said that the company was willing to withdraw or amend the claim it filed against the Gazprom at the Arbitration Institute of the Stockholm Chamber of Commerce in connection with their contract for transit of natural gas through Ukraine if a long-term contract for gas transit was concluded.

Naftogaz of Ukraine filed a claim with the Arbitration Institute of the Stockholm Chamber of Commerce on July 6, 2018, asking the Arbitration Institute to revise the gas transit tariff under its contract with Gazprom, and tentatively assessed its monetary claim at USD 11.58 billion, excluding interest.

The Arbitration Institute of the Stockholm Chamber of Commerce ruled in favor of Naftogaz of Ukraine on February 28, 2018, 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.

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

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