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Economy 2019-12-16T04:02:38+02:00
Ukrainian news
Naftogaz Ready To Consider Gazprom Payment Of USD 3 Billion In 2 Stockholm Arbitration Awards

Naftogaz Ready To Consider Gazprom Payment Of USD 3 Billion In 2 Stockholm Arbitration Awards

Naftogaz, Gazprom, Stockholm Arbitration

The Naftogaz of Ukraine national energy company is ready to consider payment of USD 3 billion by the Gazprom gas company (Russia) based on the outcome of two arbitration proceedings at the 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.

“We also noted that we are ready to constructively consider Gazprom’s proposals on implementation of the Stockholm arbitration decisions and the corresponding amicable agreement. According to the final and binding decision of the Arbitration Institute of the Stockholm Chamber of Commerce, which is designated as the dispute resolution mechanism in our contract with Gazprom, Gazprom should pay Naftogaz of Ukraine about USD 3 billion,” he wrote.

According to Vitrenko, Naftogaz of Ukraine is satisfied with money, but if Gazprom wants to pay this debt by supplying gas, Naftogaz of Ukraine is ready to consider such a proposal.

As Ukrainian News Agency reported, a Luxembourg court has ordered Gazprom to pay Naftogaz of Ukraine USD 2.6 billion in implementation of a Stockholm arbitration award.

Courts in Amsterdam and Luxembourg have rejected Gazprom's appeals against enforcement of the Stockholm arbitration awards.

The Arbitration Institute of the Stockholm Chamber of Commerce (Sweden) will hold a hearing on the cases involving the decision to order Gazprom to pay Naftogaz of Ukraine USD 11.58 billion in April-May 2021.

In March, the High Court of England and Wales (London) suspended proceedings in the case involving enforcement in England and Wales of the Arbitration Institute of the Stockholm Chamber of Commerce’s February 28, 2018 decision in the dispute over the gas transit contract between Gazprom and Naftogaz of Ukraine until the end of the relevant proceedings at the Svea Court of Appeal (Sweden).

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 Russian natural gas through Ukraine is concluded.

Naftogaz of Ukraine’s Board Chairman Andrii Kobolev recently announced that Naftogaz of Ukraine was willing to withdraw or amend the claim it filed against 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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