16:30 10.10.2018

Naftogaz withholds $9 mln of Gazprom's overpayment for transit for debt under Stockholm arbitration

2 min read
Naftogaz withholds $9 mln of Gazprom's overpayment for transit for debt under Stockholm arbitration

 Naftogaz Ukrainy has sent a statement to PJSC Gazprom on crediting overpayment for gas transit on account of penalty, which is charged on the debt of the Russian company in accordance with an arbitral award on the transit contract of February 28, 2018.

The press service of Naftogaz noted that on December 22, 2017 the Stockholm arbitration revised the gas pricing formula in the contract for the supply of gas to Ukraine, thus reducing its cost, which automatically led to a reduction in the cost of services and the total cost of gas transit services provided by Naftogaz.

At the same time, Gazprom, refusing to comply with the decision of the Stockholm arbitration, in 2018 continues to pay a higher price for transit than Naftogaz sets up, which calculates the tariff in accordance with the decision of the arbitration.

"Thus, Naftogaz credited more than $9 million of overpayment for transit services provided in August as a payment as part of the execution of the award," the press service notes.

As reported, according to the decision of the Stockholm arbitration of February 28, 2018, Gazprom owes Naftogaz Ukrainy $2.56 billion for non-fulfillment of obligations under the transit contract, on which penalty is also charged for each day of non-execution of the arbitration decision.

At present, the amount of accrued fine has exceeded $100 million.

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