Contents tagged with Gazprom

  • Poland notifies Gazprom of intention to terminate gas supply contract

    The Board of Directors of the Polish national  oil and gas company PGNiG notified Russian gas giant Gazprom of its intention to terminate the binding contract for the purchase and sale of natural gas. The so-called Yamal contract was signed on September 25, 1996 and expires on December 31, 2022.

    In the Declaration of PGNiG, it is noted that deliveries of liquefied natural gas and fuel from other countries will replace the Russian gas supply.

    In the first half of 2019, Poland reduced purchases …

  • Gazprom officially offers Ukraine one-year gas transit contract

    On Monday, Gazprom sent Naftogaz of Ukraine an official offer to extend the current gas transit contract by one year or to sign a new one-year contract, Interfax reports.

    As a precondition, all lawsuits and claims in international arbitration courts must be withdrawn.

    This would also include the withdrawal of the Ukrainian Anti-Monopoly Committee’s fine against Gazprom for economic competition violations and of Naftogaz’s motion to have the European Commission investigate the Russian company. …

  • Russian Gazprom cancels eurobond placement due to Ukraine's lawsuit

    The Kremlin’s gas strategy in the last few years, designed to deprive Ukraine of revenue from gas transit to Europe by replacing the Ukrainian gas transport system with the Nord Stream 2 and Turkish Stream pipelines, appears to be backfiring on Gazprom.

    Already faced with a legislative ban on utilizing more than half of Nord Stream 2’s capacity, and having lost one third of Nord Stream 1’s capacity due to a ruling by the European Court of Justice, the Russian gas company has now sustained …

  • Ukraine’s Naftogaz strikes again at Gazprom

    Naftogaz of Ukraine has managed to have the accounts of GazAsia Capital S.A., the company that placed Gazprom’s yen-denominated eurobonds, frozen, Interfax reports, citing a memorandum on the Russian company’s new eurobond placements.

    GazAsia Capital S.A. is an SPV company, created for a specific purpose. Through it, Gazprom placed 10-year bonds for 65 billion yen (approximately $595 million) in December last year. Now, GazAsia does not have the right to make payments to Gazprom, …

  • Russia’s Gazprom sues EU for loss of Nord Stream 2 capacity

    Nord Stream 2 AG, the Swiss subsidiary of the Russian company Gazprom, has taken the EU government to court regarding the gas legislation amendments that prohibit the Russian company from using more than 50% of the capacity of the Nord Stream 2 gas pipeline.

    As reported by Interfax, Gazprom informed potential investors about the start of the litigation through a memorandum on the placement of Swiss franc-denominated eurobonds that is scheduled to take place in mid November.

    Gazprom believes …

  • Ukraine finds a way to block Nord Stream 2

    Kyiv has threatened to dispute the amendments made by members of Germany’s ruling coalition to the EU’s new gas directive which, once adopted, will allow the Nord Stream 2 gas pipeline to bypass the restrictions. Ukraine’s trade representative, Deputy Minister of Economic Development, Trade and Agriculture Taras Kachka, warned about this yesterday.

    According to him, such an initiative will lead to lengthy legal procedures, which will block the operation of the Russian pipeline, Interfax …

  • Russia to pay China for Gazprom’s new megaproject

    The Russian government has officially given the green light to Gazprom’s new megaproject, a $12 billion gas and chemical complex in Ust-Luga, reports

    On Tuesday November 5, the state-owned company VEB.RF and the Baltic Chemical Complex (a fully-owned subsidiary of RusGazDobycha) signed a credit agreement to allocate 111 billion rubles ($1.75 billion) to the project.

    The enterprise’s raw materials will be ethane-containing natural gas from Gazprom’s fields in the Nadym-Pur-Taz …

  • Russia wants Ukraine’s Naftogaz to ‘understand and forgive’ $22 billion

    Andriy Kobolyev, CEO of Naftogaz of Ukraine, has commented on the statements by Russian President Vladimir Putin and his press secretary Dmitry Peskov that the reciprocal lawsuits should be dropped before Russia and Ukraine sign a new gas transit contract.

    According to Kobolyev, Russia essentially wants Ukraine to waive a $22 billion claim, without Russia taking any equivalent steps.

    “For Naftogaz, continuing the transit of Russian gas is a strategic task. But this problem must be viewed in …

  • Lithuania allocates millions of euros for disputes with Gazprom

    Lithuania continues litigation in the International Investment Arbitration in Washington against the French concern Veolia. It seeks to annul the decision of the Arbitration Institute of the Stockholm Chamber of Commerce (SCC) in the dispute with Russia's gas giant Gazprom. Lithuania has allocated another €3.9 million to pay for the services of lawyers representing Lithuania, reports news outlet.

    The Lithuanian government decided to allocate this amount to the Lithuanian Energy …

  • Ukraine's Naftogaz files new lawsuit against Gazprom in Stockholm Arbitration

    The Managing Director of the Ukrainian gas company Naftogaz Yuriy Vitrenko reported on his Facebook page that the Ukrainian company filed a new lawsuit against the Russian gas giant Gazprom in the Arbitration Institute of the Stockholm Chamber of Commerce. The new lawsuit involves the contract for gas transit.

    These are the counterclaims that the Ukrainian side files against the Russian company. "It was our turn to file a statement of protection and counterclaims. The number of pages of the …