09:20 30.10.2019

Naftogaz waiting for official proposals on settling debt, signing contracts from Gazprom

2 min read
Naftogaz waiting for official proposals on settling debt, signing contracts from Gazprom

 National joint-stock company Naftogaz Ukrainy is waiting for official proposals for the "package" settling of the debt and the signing of gas transit and supply contracts from Russia's Gazprom.

"During the negotiations, the Russian side raised the unsettled issues between Naftogaz and Gazprom regarding the arbitration disputes. Naftogaz suggested that Gazprom should send a formal communication with its vision of how to settle its nearly $3 billion debt arising from the Stockholm arbitration and address other unresolved issues. Naftogaz has not to date received any formal proposals from the Russian company regarding the above-mentioned," Naftogaz said in a press release after the trilateral talks held in Brussels.

The European Commission presented a detailed proposal regarding the new long-term contract for Russian gas transit through Ukraine after 2019. The Ukrainian side supported this proposal as constructive.

The key provisions of the common position include the conclusion of the new long-term contract with fixed transit volume sufficient to ensure secure operation of Ukraine's GTS. The contract should be concluded with Ukraine's new transmission system operator (TSO), which is to be unbundled from Naftogaz group since 1 January 2020.

Naftogaz CEO Andriy Kobolev said that the same principles underlie Gazprom’s cooperation with all its counterparties in the EU. He is confident that switching to common European rules will significantly facilitate cooperation between the Russian company and Ukraine.

As reported, Russian Energy Minister Alexander Novak after the trilateral talks held on October 28 said that Russia is calling for a package solution at gas talks with Ukraine and the European Commission that would include a number of initiatives from the Russian side.

The next consultations could be held in November.

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