Contents tagged with Naftogaz

  • Ukrainian Naftogaz recovered first millions from Gazprom

    Naftogaz is holding $9 million of the debt owed by Russian company Gazprom, based on the decision of the Stockholm arbitration, reported the press service for Naftogaz.

    The company reminded that the Stockholm arbitration formula for gas pricing was changed, which resulted in lower service rates and general transit cost.

    Naftogaz was clarified that Gazprom deliberately refuses to implement the decision of the arbitration and continues to pay the price set by Naftogaz.

    “Thus, Naftogaz has …

  • Naftogaz: Gazprom owes Ukraine more than $2.6 billion

    The fine for the Russian Gazprom for failure to comply to the Stockholm decision in the case against Naftogaz Ukraine, has reached $110 million,  stated at a press conference the Director for Business Development at the National joint-stock company Naftogaz of Ukraine Yuriy Vitrenko, reports Ukrinform.

    “By our calculations, the amount for compensation that Gazprom needs to pay us, already exceeds $110 million,” stated Vitrenko. Therefore, Gazprom must pay Ukraine more than $2.6 billion,"  …

  • Gazprom loses appeal in court case with Ukraine's Naftogaz

    The Svea Court of Appeal has re-authorized the seizure of Gazprom’s assets in order to collect $2.6 billion in favor of Naftogaz Ukraine.

    On Thursday, the Swedish court removed the temporary suspension of the fine enforcement measures, which had been introduced in June at Gazprom’s request, Reuters reports.

    The Russian gas company asked to have the original ruling of the Stockholm Arbitration Institute revoked on the basis of external interference in the process. Citing a “world renowned …

  • Ukrainian President confident Russia will pay all damages for Ukraine's gas contract losses

    Ukrainian President Petro Poroshenko expressed confidence that Russia would pay for all damages regarding the gas contracts. According to him, Stockholm Arbitration Court estimated Kyiv’s losses from the termination of contracts at $4.6 billion, 112 Ukraine channel reports.

    Poroshenko also recalled that several days ago passed the thousandth day that Ukrainians have been living without Russian gas because of the embargo. “The Russians will not bring us to our knees with its gas ligature and …

  • Ukraine marks 1000 days without Russian gas

    Thursday, August 23, marks 1000 days since Ukraine imported the last batch of Russian gas, reports Ukrtransgaz, Ukrainian operator of the gas transit system.

    In late November 2015, Ukraine refused to purchase natural gas from Gazprom, as the Ukrainian gas company, Naftogaz considered this price too inflated. Import of gas is now carried out via western border.

    The rejection of Russian gas allowed Ukraine to begin reforming the gas market and reforming the corporate governance of Naftogaz. For …

  • Swedish appeals court upholds suspension of Stockholm arbitration ruling on Gazprom vs Naftogaz case

    The Swedish Svea Court of Appeal upheld its decision to suspend the February 28 ruling, which was made by the Stockholm arbitration court, concerning the gas transit contract dispute between Gazprom and Naftogaz.

    “Naftogaz tried to appeal this court order, but the court ruled that its arguments were insufficient,” Gazprom reported through its press service. “This circumstance strengthens Gazprom’s position for appealing attempts by Naftogaz to enforce the aforementioned arbitration ruling in …

  • Ukraine's Naftogaz appeals suspension of court decision in Gazprom's case

    Naftogaz of Ukraine has appealed to the Stockholm Court of Appeal regarding the suspension of the ruling of the Stockholm Arbitration Court, which was done at Gazprom’s request, reported RIA Novosti, citing the Stockholm Court of Appeal.

    Naftogaz submitted an appeal to review – as a soon as possible – the decision to suspend the implementation of the February 28, 2018 ruling of the Stockholm Arbitration Court concerning the dispute between Naftogaz and Gazprom. It was explained that Naftogaz …

  • Swedish appeals court suspends arbitration award to be paid by Gazprom to Ukraine's Naftogaz

    The Swedish appeals court granted the request of the Russian company Gazprom to suspend the decision of the Stockholm arbitration court in the company’s dispute with the Ukrainian company Naftogaz. This was reported by Ukrainian-Interfax, citing a press release from Gazprom.

    “The Court of Appeal agreed that there are sufficient grounds for suspending the execution of the Stockholm arbitration award. The issuance of this order deprives Naftogaz of Ukraine of grounds to attempt to seize Gazprom’ …

  • Media: heads of Ukraine's Naftogaz reward themselves with nearly $14 million after victory over Gazprom

    Ukraine’s Naftogaz Board of Directors has awarded Andriy Kobolyev, Chairman of the Board, and Yuriy Vitrenko, Commercial Director, a combined total of $13.9 million from the award earned in the company’s legal victory over Gazprom in the Stockholm Arbitration Court, reported the newspaper Dzerkalo Tyzhnia, citing its own sources.

    In total, the Supervisory Board decided to award employees nearly $37 million. This amount will be distributed among 41 employees who "directly or indirectly made a …

  • Gazprom decides not to hurry with the payment of $2.56 billion to Ukraine's Naftogaz

    Russian Gazprom is in no hurry to pay Ukrainian Naftogaz the $2.56 billion ordered by the court because they have no guarantee that the money will be returned if the decision of the Stockholm arbitration is cancelled,s reported TASS with reference to Gazprom's Deputy Head, Sergey Kuznets.

    "We believe that we just need to go a little slower. We need to get to the bottom of this affair. Let's finally put this matter to rest: who owes to whom," he noted.

    According to Kuznets, the Russian company …