Contents tagged with Gazprom

  • Russian Gazpom to dispute gas price with largest European buyer

    Gazprom Export intends litigate in Stockholm with the German company Uniper, its largest Europen gas client. Gazprom’s trading division notified Uniper that an arbitration procedure would be initiated, with the demand to revise the gas price according to the contract starting on February 1, 2018. “Approaching arbitration to resolve a contract dispute is a standard practice, envisaged by such contracts,” reads Gazprom’s statement, as quoted by RBC news agency.

    The official Gazprom Export …

  • Naftogaz: decision of Stockholm arbitration court on Gazprom case reduces the price of Russian gas delivered to Ukraine

    The decision of the Stockholm Arbitration reduces the price of Russian gas for Naftogaz of Ukraine by $ 20 to $50 per thousand cubic meters, in comparison with the old formula price, as stated by the chief commercial director of Naftogaz, Yuriy Vitrenko on ICTV channel

      “A price under the new contract will be significantly lower than the old formula price. Now the difference is about 20$. However, this amount will fluctuate depending on the season, for example, in the second quarter the …

  • Gazprom compares the volume of US LNG supplies to Europe with drips of coffee

    At a meeting with investors in New York, Gazprom stated that supplies of American liquefied natural gas (LNG) to the European market are just a few drops in the background when compared to the volumes of natural resources supplied through pipelines by the Russian company.

    The company illustrated this idea in the form of an infographic. The infographic depicted a full cup of coffee on one side – representing Gazprom’s estimates of its own deliveries – and, on the other side, a magnifying glass …

  • Ukrainian Naftogaz and Russia’s Gazprom to begin negotiations on gas delivery to Ukraine

    According to the Chief Commercial Officer of Naftogaz, Yuriy Vitrenko, Naftogaz of Ukraine and Gazprom will soon start negotiations on the implementation of the Stockholm Arbitration Court decisions within the contract of purchase of Russian gas, UNIAN reports.

    "Negotiations will start in the coming days. We won’t disclose the details. It’s about the implementation of the final decision on the gas contract,” he said.

    Vitrenko noted that according to the Stockholm Arbitration Court decision, …

  • Naftogaz: Russia's Gazprom will pay Ukraine 3 times more 'than it can receive for the sale of its gas'

    Gazprom will pay Ukraine 2-3 times more "than it can receive for the sale of its gas," to transport it through Ukraine, according to a Facebook post made by the Chief Commercial Officer (CCO) of Naftogaz, Yuriy Vitrenko, UNIAN reports.

    Vitrenko reported that the price of gas for Ukraine will be calculated according to the German market. "For those who like to count who and how much will be paid, Gazprom pays us 2-3 times more for transit than it will be able to receive for selling its gas," he …

  • Poroshenko congratulates Ukrainians on the victory over Russia's Gazprom

    The decision of the Stockholm Arbitration Court on the dispute between Naftogaz of Ukraine and Gazprom is "a historic victory", said Ukrainian President Petro Poroshenko, according to the Presidential press service. The outcome of the trial is of "the utmost importance" with regard to the country's national security, the president said. "If there had been a loss in this court, Ukraine would face a direct threat of default," Poroshenko stressed during a meeting with the head of Naftogaz, Andriy …

  • Naftogaz of Ukraine expects to receive up to $16 billion from Russian Gazprom

    The national holding company Naftogaz of Ukraine expects to receive compensation in the sum of $6.5 billion to $16 billion from Russian Gazprom following the Stockholm Arbitration Court’s consideration of gas transit contracts, UNIAN reports citing the company's Chief Commercial Officer, Yuri Vitrenko, stated this.

    "The amount of our claim will be between $6.5 and $16 billion, depending on whether Ukrainian legislation is applied," he said.

    Vitrenko added that he anticipates the Stockholm …

  • Lithuania intends to demand the seizure of Gazprom's European property

    Lithuania accused Gazprom of abuse of its monopoly position in the natural gas market and imposed a fine of EUR 42 million, TASS reports. Vilnius expects to collect the fine using Gazprom’s property in other European countries.

    Lithuanian Ministry of Justice has prepared a special action plan for the recovery of the fine and any accrued interest. The plan outlines the actions of various Lithuanian ministries and departments. The accusations of Lithuania relate to the events of 2012, when the …

  • Poland called Nord Stream gas pipeline fatal for Ukraine

    The construction of the Nord Stream 2 gas pipeline could lead to tragic consequences for Ukraine, Polish Prime Minister Mateusz Morawiecki believes, as reported by Dziennik."We believe that Nord Stream 2 is a very harmful project that threatens the security of Central Europe. This is a project that can be fatal for Ukraine, for our closest neighbor," Morawiecki said.

    According to him, since Ukraine is excluded from the Russian plan to transport gas to Europe, nothing else will prevent Moscow …

  • Russia’s Gazprom warned shareholders of risks due to US sanctions

    Gazprom, Russia’s largest gas producer, in its financial reporting for the last nine months, prepared in compliance with the International Financial Reporting Standards, warned the company’s shareholders of new risks they may encounter due to new sanctions adopted by the United States in August 2017.

    “On August 2, 2017, President of the United States signed a bill <…> that expanded the sanctions policy of the United States toward the Russian Federation,” Gazprom stated in its report. The …