The Stockholm arbitration did not satisfy the demand of Naftogaz of Ukraine to revise the gas transit tariff in the contract with Gazprom. This was stated in a press release made public on Naftogaz Facebook page.
"The Tribunal did not support Naftogaz's demand for a revision of the transit tariff since the request submitted by Naftogaz in 2009 did not meet the procedural requirements. The court also did not satisfy Naftogaz's demand to review the transit contract in accordance with the European and Ukrainian energy and competition legislation, noting that the introduction of regulatory reform in the territory of Ukraine is a matter for the Ukrainian authorities and is not within the competence of the tribunal in this case," the press release says.
As it was reported earlier 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.
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.
Had Naftogaz lost, it would have equaled the debt of $5,460 for each Ukraine family, the press service of the company counted. However, with this win, it would mean an additional $185 for each family. They also achieved a $0,5 billion reduction in the Gazprom’s gas price for 2018.