subscribe to newsletter
24.55 24.95
26.95 27.55
Economy 2019-09-15T04:06:28+03:00
Ukrainian news
Naftogaz Expecting Decision Of Stockholm Arbitration To Collect USD 11.6 Billion From Gazprom In Favor Of Naft

Naftogaz Expecting Decision Of Stockholm Arbitration To Collect USD 11.6 Billion From Gazprom In Favor Of Naftogaz Until November 2021

The Naftogaz of Ukraine national joint-stock company expects the decision of the Arbitration Institute of the Stockholm Chamber of Commerce (Sweden) to collect USD 11.58 billion from Gazprom (Russia) in favor of Naftogaz until November 2021.

This is stated in the prospectus for the issuance by Naftogaz of Eurobonds, a copy of which the Ukrainian News Agency obtained.

"In accordance with the agreed procedural schedule, the final decision in the consolidated arbitration shall be made before November 1, 2021," it says.

It is noted that on September 6, 2018, the Arbitration Institute of the Chamber of Commerce decided to consolidate the proceedings, and on December 28, 2018, the composition of the arbitration was formed.

As Ukrainian News Agency earlier reported, the Stockholm Arbitration will hold a hearing on collecting USD 11.58 billion from Gazprom in favor of Naftogaz in April-May 2021.

The High Court of England and Wales (London) suspended proceedings on enforcement of the Stockholm arbitration decision in England and Wales in March.

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’s Board Chairman Andrii Kobolev has said that the company is willing to withdraw or amend the claim it filed against the Gazprom at the Arbitration Institute of the Stockholm Chamber of Commerce over their contract for transit of natural gas through Ukraine if a long-term contract for gas transit 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.

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.


Archive
News
No results found.
No results found.
No results found.

ok