Friday, September 30, 2016

Naftogaz claims over $22bln in compensation from Gazprom in Stockholm court

Ukraine’s national energy company Naftogaz is claiming $22 billion from Gazprom in the Stockholm arbitration tribunal in compensation for overpaid natural gas and a shortfall in revenues for gas transit, according to Naftogaz’s consolidated financial statements published on Friday.

Naftogaz is demanding over $14 billion in compensation from the Russian gas monopoly in the Stockholm court for excessively paid amounts during the purchase of Russian natural gas and also $8.2 billion it failed to receive for gas transit across the Ukrainian territory, the document says.

Naftogaz claims it has the right to demand a revision of the gas contract to bring contractual prices into compliance with the market level.

Naftogaz’s claims on the transit contract are related to lower transit volumes. As the Ukrainian national energy company explains, the actual transit payment was based on the transportation of specific natural gas volumes from Russia across Ukraine (the basic volume) while Ukrtransgaz mainly incurs a fixed amount of costs and, therefore, lower transit volumes caused a higher level of transit expenses per unit of gas transportation volumes.

Naftogaz also noted that in its counterclaim filed in June 2015, Gazprom was demanding $31.8 billion for gas under the ‘take or pay’ clause and the repayment of gas debts for 2013-2014, which the Ukrainian energy company didn’t recognize.

The hearings on the dispute between Naftogaz and Gazprom have been under way in the Stockholm arbitration tribunal since September 25 and the court is expected to pass its verdict until the first quarter of 2017 and until the end of the first six months of that year under the gas transit contract.

Naftogaz Head Andrei Kobolev earlier said "there is potential for both sides to win in the Stockholm arbitration tribunal.".

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