Naftogaz does not have reasons to cancel contracts with Gazprom
17:45, 5 March 2018

Naftogaz does not have reasons to cancel contracts with Gazprom

The conditions of gas contract termination are not acceptable for Naftogaz

17:45, 5 March 2018

Naftogaz-Ukraine does not see any reasons to cancel gas contracts with Gazprom. Yuriy Vitreko, Director for Business Development at Naftogaz, said it in the briefing, broadcasted by 112 Ukraine.

“Our position is the following – we do not see any reasons to cancel gas contracts. Besides,  Gazprom’s explanations and proposals concerning revision of contracts and condition of contracts termination are unacceptable for us,” he said.

Alexey Miller, the Head of the enterprise, stated, that Gazprom forwarded an official notification to Naftogaz about gas contracts termination through the Stockholm Arbitration.

Related: I hope, Europe will not allow Russia to use gas blackmail, - Poroshenko

As we reported earlier, after the ruling of the Stockholm Arbitration, Russia's Gazprom announced its intention to terminate gas contracts with Naftogaz Ukraine.

The Arbitration Institute of the Stockholm Chamber of Commerce has granted the lawsuit of Naftogaz as to compensation for the volumes of transit gas that had not been delivered by Gazprom on February 28. According to the decision of the court, Naftogaz got a $4,63 billion compensation for the transit gas that had been agreed on, but not delivered by Gazprom. As a result of two arbitrations in Stockholm, Gazprom is to pay Naftogaz $2,56 billion. The court dismissed the demands of Gazprom that stated that the money hadn’t been paid as it was considered the fines for what they called unlawfully seized by Naftogaz volumes of the transit gas. $526 000 of interest per day will be added to the debt from March 1.

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