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Economy 2019-10-20T04:01:02+03:00
Ukrainian news
Naftogaz Confident Of Victory Over Gazprom In Stockholm Arbitration

Naftogaz Confident Of Victory Over Gazprom In Stockholm Arbitration

Naftogaz, Gazprom, Stockholm Arbitration

The Naftogaz of Ukraine national energy company is confident of victory over the Gazprom gas company (Russia) at the Arbitration Institute of the Stockholm Chamber of Commerce.

The Naftogaz group’s Executive Director Yurii Vitrenko stated this on his Facebook page, the Ukrainian News Agency reports.

The Arbitration Institute of the Stockholm Chamber of Commerce began considering Gazprom’s appeal against its arbitration decision on the gas transit contract between the two companies on October 8.

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.

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