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Economy 2019-06-16T04:03:00+03:00
Ukrainian news
Cabinet Approves Naftogaz Unbundling Model

Cabinet Approves Naftogaz Unbundling Model

The Cabinet of Ministers has approved a model for unbundling the Naftogaz of Ukraine national joint-stock company’s gas transmission operations.

The Main Gas Pipelines public joint-stock company announced this in a statement, Ukrainian News Agency reports.

As Ukrainian News Agency earlier reported, Naftogaz of Ukraine’s Executive Director Yurii Vitrenko recently said that unbundling the company’s gas transmission operations based on the model that was defined in July 2016 could result in the company losing its dispute with the Gazprom gas company (Russia) at the Arbitration Institute of the Stockholm Chamber of Commerce (Sweden).

The Cabinet of Ministers demanded in May that Naftogaz of Ukraine complete the unbundling process before the end of the year based on the model defined in July 2016.

Naftogaz of Ukraine signed an agreement with five European companies on support for the unbundling process in April.

The Arbitration Institute of the Stockholm Chamber of Commerce will hear Naftogaz of Ukraine’s claim of USD 11.58 billion against Gazprom in the period of April-May 2021.

Naftogaz of Ukraine has stated that it is willing to reduce the size of its claim against Gazprom at the Arbitration Institute of the Stockholm Chamber of Commerce 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 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.


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