Stockholm arbitration court obliges Gazprom to pay $4.63 bln to Naftogaz for insufficient transit shipments

The Arbitration Institute of the Stockholm Chamber of Commerce has obliged Russia's gas giant Gazprom to pay $4.63 billion to NJSC Naftogaz Ukrainy for the failure to meet gas transit obligations, the Ukrainian company's press service told Interfax-Ukraine.

Since the court previously ordered Naftogaz to pay Gazprom for gas supply arrears, Gazprom's net payment after two arbitration disputes between the two companies on gas supplies and transit shipments will be $2.56 billion.

Naftogaz also said that interest is charged on Gazprom's debt and it is $526,000 per day, which is 4.14% per annum on $4.63 billion.

At the same time, the arbitration court's earlier decision on the gas supply contract states that Naftogaz should pay Gazprom an interest rate on a $2.019 billion debt set at 10.95% per annum (0.03% per day) since December 22.

As reported, Naftogaz demanded that Gazprom should pay about $16 billion along with the review of prices of gas, the unblocking of the virtual reverse route and the possibility of concluding a transit contract for another operator.

The transit contract between Naftogaz and Gazprom is effective for the period 2009-2019. According to the document, Gazprom must annually ship at least 110 billion cubic meters of gas via Ukraine, at the same time, the current version of the contract does not provide for any penalties for smaller volumes.