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Stockholm arbitrary court begins hearings in Naftogaz vs Gazprom dispute
12:32, 9 October 2017
Stockholm arbitrary court begins hearings in Naftogaz vs Gazprom dispute

Ukraine and Russia failed to agree on implementation of the previous separate court decision, - Chief commercial officer of the Ukrainian enterprise

12:32, 9 October 2017

112 Agency

Stockholm arbitrary court started to look into the gas dispute between Naftogaz and Gazprom, the Ukraine and Russia’s leading energy enterprises. According to Yuriy Vitrenko, the Chief commercial officer of the Ukrainian enterprise, the first hearing took place on Monday afternoon.

‘Since Naftogaz and Gazprom failed to agree on the implementation of a separate decision of the court of arbitration in June this year, now the court must consider the parties‘ positions and to take appropriate decisions,’ he wrote on Facebook.

According to Vitrenko, earlier, under its separate decision, the tribunal fully and finally rejected Gazprom’s claims for payment of Naftogaz amounts charged by Gazprom in accordance with the contract clause ‘take or pay’; it has determined the principle that this provision should be changed in the future. The court also recognized the right of Naftogaz on the revision of the contract price and the right to bring it to the level of prices on the European market since April 2014, and receive from ‘Gazprom’ compensation for the overpayment.

Related: Naftogaz: The rematch is going on

‘The deadline for the adoption of decisions of arbitration as a contract for the sale of gas and for gas transit contract is late November. The contract for gas transit in particular, we desired to bring the contract in line with European and Ukrainian energy legislation to revise (including retrospectively) rate in accordance with the European conditions of the tariff, and to pay us compensation for the lost revenue from transit,’ Vitrenko wrote.

The official noted that the compensation may range from several billion dollars to the amount above $ 10 billion.

Related: Naftogaz risks to lose financing of EBRD and World Bank

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