Contents tagged with Gazprom

  • Russia's Gazprom seeks termination of Nord Stream 2 case in Poland

    Russian gas conglomerate Gazprom filed objections to the Polish antimonopoly body UOKiK and petitioned the termination of the antimonopoly investigation procedure, the Russian company reported in its quarterly report.

    According to the document, on April 30, 2018, Gazprom received notification from the Polish antimonopoly body UOKiK , which launched an antimonopoly investigation against the stakeholders of the Nord Stream 2 project, including Gazprom.

    According to UOKiK, the financial …

  • First Nord Stream 2 pipes laid in Germany

    The first pipes have been laid as part of the Nord Stream 2 gas pipeline project near the German coast of the  Baltic Sea, reported the German company Uniper, one of the European partners of Gazprom. The project was started in late July, said Uniper’s financial director Christopher Delbruck in a presentation the company’s website.

    The Nord Stream 2 pipeline will pass along the bottom of the Baltic Sea, for more than 1,200 kilometers and with a capacity of 55 billion cubic meters. The cost of …

  • Ukraine's Naftogaz: Nord Stream 2 can still be stopped

    The construction of the Nord Stream 2 gas pipeline, which would be used to transit Russian gas to Europe in circumvention of Ukraine, can still be stopped, Naftogaz commercial director Yuriy Vitrenko told Deutsche Welle.

    According to him, the position of Denmark, whose government has not yet given authorization for the pipeline to be laid through its territorial waters and exclusive economic zone, could be a serious obstacle for Gazprom. According to the existing plan, Nord Stream 2 is …

  • Russia's Gazprom borrows pension money to pay off debt

    Gazprom, which has been cut off from international capital markets as a result of a gas dispute with Ukraine, has turned to Russians’ pension savings in order to make large foreign debt repayments.

    On Tuesday, for the second time since the start of the year, the Russian gas company has entered the Russian debt market and borrowed 40 billion rubles. Investors were offered three bond placements – a 15-year bond of 10 billion rubles, and two tranches of 15 billion rubles 30-year securities. …

  • Russian Prime Minister Medvedev orders confiscation of Chechen assets to service debt

    Russian Prime Minister Dmitry Medvedev gave a radical order on Monday to deal with the North Caucasian republics’ gas and electricity debt problem.

    At the conclusion of the session of the government commission for the social and economic development of the North Caucasian Federal District, Medvedev gave the order to confiscate energy assets in Chechnya, Dagestan, Ingushetia, Kabardino-Balkaria and North Ossetia in favour of state corporations.

    Companies and networks are to be transferred to …

  • Ukraine refuses to reconcile with Russia's Gazprom

    The Director of Business Development of the Ukrainian company Naftogaz, Yuriy Vitrenko, stated that any reconciliation with regards to the ruling of the Stockholm Arbitration Court on the Naftogaz-versus-Gazprom case is impossible. 

    “It should have been negotiated before the final decision of the Arbitration Court. Now it is too late to ask for amicable agreement. According to the decision of the Arbitration Court, Gazprom should pay us $2.56 billion, plus $75 million interest, and also cover …

  • Naftogaz offers to make gas transit through Ukraine cheaper than Nord Stream 2

    On July 13, Naftogaz Ukraine sent a proposal to the relevant national commission proposing changes to the method for calculating natural gas transit tariffs which has been in place since 2015, reported the company’s press service.

    The price envisaged by the new proposal is $2.17 to transit 1000 cubic meters 100 km (with VAT and the fuel component). This is 20% less than the transit rate in the existing contract with Gazprom, and also 2.3 times smaller than the average cost of transit according …

  • Russia's Gazprom discloses information on its assets in Great Britain

    Gazprom disclosed information on its assets in Great Britain upon request of an English court after claims made by Naftogaz of Ukraine. As Interfax reports, Gazprom owns a block of shares of Nord Stream AG that was pledged as collateral for funding.

    “This does not mean new encumbrance of Nord Stream AG shares or their transfer in favor of Naftogaz of Ukraine. On June 22, Gazprom learned that on June 18, the English court prohibited any deals involving Gazprom’s assets in the territory of …

  • Ukraine's Naftogaz: seizure of Gazprom’s assets in Switzerland reinstated

    The Supreme Court of the Canton of Zug (Switzerland) reinstated the freeze of Gazprom shares in Nord Stream AG and Nord Stream 2 AG,  RBC news agency reported with reference to a statement by the Ukrainian company Naftogaz.

    The Ukrainian company said that it appealed the decision of the local authorities, which ordered the freezing of assets, concerning the collection of debts. The seizure, explained Naftogaz, was lifted because Nord Stream and Nord Stream 2 told the authorities that the …

  • Gazprom loses in court to Ukraine's Naftogaz once again

    The Svea Court of Appeal (Sweden) has dismissed Gazprom’s complaint that there was a serious violation of Swedish law in the drafting of the ruling made by the Stockholm Arbitration Institute to collect $2.6 billion in favor of Naftogaz.

    “After studying the arguments presented by Naftogaz, the court dismissed Gazprom’s baseless claims that a significant part of the court ruling’s rationale on transit had allegedly been written by the administrative secretary,” Naftogaz noted in a public post. …