24 September 2019, Tuesday, 18:08 210

Gazprom's Debt To Naftogaz After Two Stockholm Arbitration Proceedings Up 10% To USD 2.8 Billion

Editor: Daria Zubkova

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The debt of the Gazprom gas company (Russia) to the Naftogaz of Ukraine national energy company following the outcome of the two arbitration proceedings at the Arbitration Institute of the Stockholm Chamber of Commerce (Sweden) has increased by USD 257 million or 10% to USD 2.817 billion.

This is stated in Naftogaz of Ukraine’s financial report for the first half of 2019, the Ukrainian News Agency reports.

According to the financial report, the arbitration institute previously ordered Gazprom to pay Naftogaz of Ukraine USD 2.56 billion.

“A late payment penalty is also applicable. As of June 30, 2019, the net amount that Gazprom has to pay Naftogaz of Ukraine after offsets is USD 2.817 billion, including interest," the financial report states.

As Ukrainian News Agency earlier reported, 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.