Naftogaz has filed a new arbitration suit against Gazprom

Нафтогаз подал в арбитраж новый иск к Газпрому

Naftogaz of Ukraine demands from Gazprom more than $ 11.5 billion on transit contract

Ukrainian company requires 11.58 billion dollars, not counting interest, according to the contract for gas transit.

On Friday, July 6, Naftogaz filed a lawsuit at the Arbitration Institute of the Stockholm chamber of Commerce with the requirement to reconsider tariffs for the transit contract with Gazprom. This is stated in the message of the NAC.

“The transit contract between Naftogaz and Gazprom gives the parties the possibility to demand revision of the tariff, if the European gas market has undergone significant changes, and when the tariff does not correspond to the European level. In its decision of 28 February 2018 the Stockholm arbitration court for procedural reasons rejected the claim of Naftogaz of Ukraine on the revision of the tariff. Thus, the requirement of Naftogaz on the revision rate essentially remained unresolved,” the statement reads.

It is noted that in March, Naftogaz sent Gazprom a request for tariff and initiated negotiations under the contract.

The grounds for the request were significant changes on the European gas market, in particular changing the rules of fixing tariffs on transit after contract signing in January 2009, and mismatched rate to the European level.

“Gazprom has held talks on the non-constructive position, forcing Naftogaz to seek arbitration as provided for in the contract. Naftogaz requires a revision of the tariff in March 2013 and preliminary estimates of its cash requirements 11.58 billion dollars, not counting interest”, – stated in the message.

As reported this week Naftogaz said that the Swiss court renewed the arrest of the assets of Gazprom. The Russian company denied this information. In response, Naftogaz has accused Gazprom of manipulation and substitution of concepts.

 

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