11:09 11.10.2017

Naftogaz expects Gazprom to pay billions of U.S. dollars after Stockholm arbitration

Naftogaz expects Gazprom to pay billions of U.S. dollars after Stockholm arbitration

The result of hearing the disputes between national joint-stock company Naftogaz Ukrainy and Russia's Gazprom, from the point of view of financial claims, will be payment of a large sum by the Russian company to Naftogaz estimated at billions of U.S. dollars, Naftogaz Chief Commercial Director Yuriy Vitrenko has said.

"We expect that Gazprom will pay us a substantial sum, which is about billions of U.S.dollars, if not more than ten billion," he said in an interview with DW.

"We do not expect that as a result of this lawsuit, if we take the lawsuit on the sale [of gas] and the lawsuit on [gas] transit, we will eventually pay something to Gazprom," Vitrenko said.

At the same time, he found it difficult to name a more accurate amount of possible payments, noting that there are too many calculations of possible settlements, depending on what types of contracts will be taken as the basis for arbitration, as the companies-participants of the dispute failed to settle this.

The commercial director of Naftogaz believes that Gazprom, which has significant assets abroad, will have to comply with the court's decision to pay the funds, and its counterclaim will not be satisfied.

Vitrenko also said that Naftogaz does not expect new agreements with Gazprom on the purchase of gas after the arbitration is finished.

"The question of new agreements is no longer worth it, or there will a decision of the arbitration on the purchase of gas from Gazprom by Naftogaz [according to the 10-year contract signed in 2009], which can be really performed, and the parties will fulfill it, or there will not be this decision," he said.

Earlier he said that the Arbitration Institute of the Stockholm Chamber of Commerce on October 10 finished hearings in the lawsuit between Naftogaz Ukrainy and Gazprom. The award in the lawsuit will be issued by late November 2017.

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