Contents tagged with Naftogaz

  • World Bank: Ukraine has removed the middleman in relations with Gazprom

    The World Bank notes that the government of Ukraine has made decisive steps towards removing the middleman between Gazprom and Ukraine in an attempt to root out a major source of corruption. This was stated by the World Bank Country Director for Ukraine, Belarus and Moldova, Europe and Central Asia, Qimiao Fan.

    "The Ukrainian government has already taken some important steps towards transforming the gas market… [by removing things] that resist change in the area that drives reforms. An …

  • Naftogaz to expand its claims against Gazprom

    As of the first quarter of 2016, NJSC Naftogaz of Ukraine will increase its claims against Gazprom up to $1 billion under the gas transit contract, as reported by Business Development Director, Yury Vitrenko, on his Facebook page. “We will receive nearly $1 billion from Gazprom for the first quarter of 2016 for underpayment of gas transit costs,” he said.

    According to Vitrenko, the claims under the gas purchase contract will be also expanded.

    “Both parties will expand their claims before the …

  • Naftogaz's claim against Gazprom exceeds $8 billion

    The total claim amount made against Gazprom by Naftogaz has reached 8.2 billion dollars.  This claim is in regard to a contract between these two companies for the transit of Russian gas through Ukraine.

    The head of Naftogaz, Andrew Kobolyev, reported this during a conference in Kiev.

    “The total amount of claims made against Gazprom has reached an amount of 8.2 billion dollars,” Kobolyev said.

    According to him, this amount had accumulated during the duration of the contract, which began in 20 …

  • Naftogaz to Discuss Gas Transit Tariffs with Gazprom

    The delegation Naftogaz of Ukraine will visit Moscow in the near future to discuss new tariffs for the transit of gas through Ukraine.  These discussions will be held with the Chairman of Gazprom, Alexander Medvedev.  This was reported to the Agency Gas Information (AGI) by an inside source.

    The transit rate is currently determined by the long-term contract (from 2009 to 2019) between Naftogaz of Ukraine and Gazprom.  This rate is dependent on the value of the fuel component and inflation in …

  • Russia’s natural resource hegemony continues to decline

    With the lifting of sanctions against Iran and Tehran’s consequent participation in the global oil market, the price for Russia’s main export commodity—energy sources—continues to decline with no end in sight. With the fourth largest reserves in the world, Iran put its oil on the global market on Monday, contributing to oil prices dropping below $28 per barrel.

    What is more, the recent events in the Russian gas supply market exacerbate the situation, as traditional markets for Russian natural …

  • Naftogaz Hires Prominent US Attorneys

    National joint-stock company Naftogaz of Ukraine has engaged the law firm of Covington and Burling LLP (New York, USA) to protect the company’s interest in litigation concerning lost shelf assets in the Crimea. According to an announcement in the Visnyk Derzhavnykh Zakupivel public procurements bulletin, the gas transportation company signed a one-year agreement with the law firm on January 1st, 2016.

    The cost of the agreement is $1.25 million (value added tax not included). “The services that …