Contents tagged with Naftogaz

  • European Bank for Reconstruction and Development: Ukraine's Naftogaz failed to reform

    The European Bank for Reconstruction and Development or EBRD announced the failure of the reform of Naftogaz of Ukraine.

    Last week, four out of five members of the Naftogaz Supervisory Board, Marcus Richards, Charles Proctor, Paul Warwick and Yulia Kovaliv announced that they may leave the company due to the government's failure to implement the company's corporate governance plan.

    This was reported by Evropeyskaya Pravda online newspaper with reference to a letter from EBRD President Suma …

  • Italian investors want to invest $2 billion in new gas transport company in Ukraine

    The national company Naftogaz Ukraine is planning to hold negotiations with potential investors to create a public company “Ukraine Main Gas Pipelines” in the next three months, ZN.UA reports.

    The article notes that the Italian company Snam, which is interested in importing Russian gas, is among the most realistic potential investors.

    “According to ZN.UA’s information, the Slovaks are also interested in this. But the Italian company Snam is prepared to invest $2 billion in the Ukrainian gas …

  • Naftogaz of Ukraine wants to join Poland's lawsuit against Gazprom’s access to OPAL

    NJSC Naftogaz of Ukraine requested that the European Court of Justice allow them to join the case on appeal by Poland's PGNIG Supply & Trading against the decision of the European Commission to expand Gazprom’s access to the OPAL gas pipeline, according to the Naftogaz website which reads: “According to the statute of the European Court of Justice, a legal entity can enter the case if it is able to prove an interest in the outcome of this case.”

    In its request, Naftogaz specified the potential …

  • Naftogaz of Ukraine expects to have access to gas from Norway

    Poland plans to begin importing natural gas from Norway as part of their initiative to diversify their gas supply sources. Ukrainian Naftogaz expects to be able to gain access to Norwegian gas as well, as was reported by the Naftogaz press service.

    "The Poles will take action. Norwegian gas, which is likely to come to Poland via the Baltic pipe, will help the Poles, through diversification, to obtain agreements to relieve the political pressure based on gas supplies," the message says.

    Thus, …

  • Naftogaz refuses to pay Gazprom for non-purchased gas

    Naftogaz of Ukraine has confirmed the receipt of Gazprom’s $5.3 billion invoice for the gas that the company had neither ordered nor received during 2016. However, the company does not intend to pay for it until the decision of the Stockholm arbitration. This was reported to the Interfax-Ukraine news agency by the press service of Naftogaz.

    "In its explanation of the bill, Gazprom refers to the take-or-pay form of gas delivery. At the same time, Naftogaz has no plans to pay the bill until the …

  • Ukrainian Naftogaz signed an agreement with Covington and Burling lawfirm

    Ukrainian Naftogaz signed a contract for $6.31 million with Covington & Barling LLP (New York, USA). Covington & Barling LLP will represent the interests of the national oil and gas company (Naftogaz Ukraine) in arbitration against Russia under a claim for the compensation of losses over the annexation of the Crimea by Russia.

    As Interfax-Ukraine reported, the agreement was signed on January 11th. According to Naftogaz’s report in the ProZorro e-procurement system, the agreement will expire on …

  • Naftogaz expects to be accused of gas theft from Gazprom

    Ukraine's Naftogaz expects to be accused of gas theft by Gazprom regarding its inability to ensure transit in connection with the severe frosts in Russia.

    As stated by the President of the Center for Global Studies Strategy XXI, Mykhailo Gonchar, in a Facebook post, Gazprom might not have enough gas to provide for all Russian and European consumers fully.

    “Arctic cold is quickly moving to the east, and even though Europe was affected for a couple of days, the real cold is in Russia. And …

  • Ukraine reduced its gas imports by one third

    In 2016 Ukraine reduced the amount of imported gas by 32.7% (approximately 5.4 billion cubic meters) as compared to 2015, to 11.8 cubic meters, according to data published by PJSC Ukrtransgaz.

    In December 2016, gas imports totaled 1.7 billion cubic meters of gas – 3.7 times more than in December 2015 (444 million cubic meters).  1.3 billion cubic meters was imported from Slovakia, 227 million cubic meters from Hungary, and 129.7 million cubic meters from Poland.  

    As was reported, Ukraine has …

  • Naftogaz signs loan agreement with Citi and Deutsche Banks

    The National Joint Stock Company, Naftogaz Ukraine, signed a loan agreement with Citi and Deutsche Banks for a euro-denominated line of credit for the purchase of gas, equivalent to $500 million. The funds must be used solely for the purchase of gas, as reported by the company on Saturday, December 31st. The agreement itself was signed the day before.

    According to Naftogaz’s press service, the credit line is secured by the World Bank, which in turn, is guaranteed by the Ukrainian Government …

  • Ukrtransgaz claims Gazprom does not provide sufficient gas pressure in pipeline at entrance of Ukraine's gas transport system

    PJSC Ukrtransgaz has documented Gazprom’s contract violations with regard to pressure in the pipeline at the entrance to Ukraine’s gas transport system, Ukrtransgaz press secretary Maksym Bilyavskiy posted on Facebook.

    "Gazprom continues to violate contract pressures, anyway. A sharp decline by 9% from the norm was recorded at the Russian station Sudzha. In spite of this, Ukraine fulfills transit application and provides necessary pressures at the western border,” he wrote.

    NJSC Naftogaz of …