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Stockholm arbitration finished hearing on case of “Naftogaz” against “Gazprom”
20:19, 5 December 2016
Stockholm arbitration finished hearing on case of “Naftogaz” against “Gazprom”

"Naftogaz" requires from "Gazprom" execution of the contract, a multibillion-dollar compensation and price reduction

20:19, 5 December 2016

112 Agency

Stockholm arbitration has finished hearing on the suit of "Naftogaz" against "Gazprom" on the contract for the purchase of gas. This was written on Facebook page by the commercial director of "Naftogaz" Yuriy Vitrenko.

The tribunal listened to advisors, witnesses and experts for two weeks.

Related: “Naftogaz” confirmed readiness for trilateral gas meeting in Brussels on December 9

"Our position on the transit terminal is relatively simple. Article 8.7 of the contract provides that in the event of changes in the conditions of formation of transit tariffs in Europe we have the right to demand tariff revision. After signing the contract, the so-called Third Energy Package was adopted and conditions of transit tariffs in Europe changed substantially. We demand to bring our transit tariff back in line with the European conditions,” Vitrenko wrote.

For "Gazprom" it will mean the obligation to pay Ukraine billions of dollars of compensation, sell gas at a much lower price, pay $ 4 billion more every year for transit and not hinder our integration into the European market.

Related: Lawyer of Naftogaz ex-deputy chairman lodged an appeal against arrest decision

Vitrenko assumed that the Russian side will disrupt the process in Stockholm in different ways.

"The main target will be, of course, “Naftogaz". But attempts to revise the cost of transit will also take place through the regulator's decision (The National Commission, which performs state regulation in the energy and utilities, NKREKP).” Vitrenko says.

It is noteworthy that Ukraine is in litigation against the Russian "Gazprom" in the Stockholm arbitration on two contracts. The first one is a contract of sale of Russian gas. The second one - a transit contract.

Related: Stockholm Syndrome: The risks of "Naftogaz" in trial with "Gazprom"

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