16:42 20.07.2018

Amicable agreement with Gazprom impossible for rulings already handed down in Stockholm

2 min read
Amicable agreement with Gazprom impossible for rulings already handed down in Stockholm

 An amicable agreement between Naftogaz Ukrainy and Gazprom is only possible for complaints recently lodged at the Stockholm Arbitration and would consist of an out-of-court payment by the Russian gas giant of over $12 billion in compensation, Naftogaz Commercial Director Yuriy Vitrenko has said.

"As we told Gazprom at the trilateral meeting, an amicable agreement for rulings already handed down by the arbitration court is not possible," he said on Facebook on Friday.

Vitrenko said that in addition to arbitration proceedings which already have rulings, Naftogaz has new arbitration hearings: the Russian company is demanding that current contracts be terminated or changed and Naftogaz - compensation for losses due to Gazprom's failure fulfill its contractual obligations, including arbitration rulings.

Naftogaz's commercial director said that Gazprom is refusing to supply gas and is revising transit tariffs as well as breaching its obligation to maintain a certain pressure on the gas transportation system.

"The amount of compensation that we are demanding from Gazprom in the new arbitration hearing is already over $12 billion. Our demands are valid, we are confident in our legal position. If Gazprom wants an amicable agreement for these new arbitration proceedings, it can pay us this compensation out-of-court," Vitrenko said.

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