Russian-Gazprom has filed a lawsuit in Stockholm International Arbitration Court seeking to recover USD 4.5 billion in debt from Naftogaz of Ukraine due to the company's non-compliance with obligations under Contract No. KP dated January 19, 2009 for natural gas purchase and sale between 2009 and 2019 (Contract), as well as its considerable outstanding debt for natural gas supplied under the Contract and non-payment of current supplies.
Ukrainian-Naftogaz seeks, at the same forum, determination of fair market price and rectification of USD$6 billion of overpayment for gas which the Russian state monopoly has supplied to Ukraine since 2010.
Post by Sapphire Capital on Jun 19, 2014 5:57:56 GMT 4
June 16, 2014, 10:50
Gazprom filed a lawsuit in Stockholm International Arbitration Court seeking to recover USD 4.5 billion in debt from Naftogaz of Ukraine due to the company's non-compliance with obligations under Contract No. KP dated January 19, 2009 for natural gas purchase and sale between 2009 and 2019 (Contract), as well as its considerable outstanding debt for natural gas supplied under the Contract and non-payment of current supplies.
Starting from 10:00 am (Moscow time) on June 16, 2014, Gazprom will supply Naftogaz of Ukraine with natural gas only in prepaid volumes according to contractual terms.
In this respect, Naftogaz of Ukraine is obliged to secure natural gas transit to third countries in full compliance with terms of the effective Contract No. ТКGU on volumes and conditions for natural gas transit through Ukraine from 2009 to 2019, dated January 19, 2009 between Naftogaz of Ukraine and Gazprom.
Gazprom relies on strict observance of contractual obligations taken on by Naftogaz of Ukraine for the gas transit to third countries.
In addition, the European Commission was notified in advance about possible disruptions of gas transit if Naftogaz of Ukraine illegally withdrew gas from transit flows.
Gazprom has already taken and will be taking all possible efforts aimed at preventing potential disruptions of gas supply to European consumers. source: Information Directorate, OAO Gazprom
MOSCOW, June 16 (RIA Novosti) - Ukraine’s Naftogaz has turned to the Stockholm arbitration court in order to review Russia’s Gazprom gas contract of 2009, according to the press release of the Ukrainian company.
“The Lawsuit comprises a requirement to sue Gazprom for the prepayment regime on gas that the Russian monopolist has supplied to Ukraine’s Naftogaz since 2010,” the press release said Monday.
Gazprom implemented a prepayment plan for the delivery of Russian fuel to Ukraine’s Naftogaz at 10:00 a.m. local time (06:00 a.m. GMT) on Monday after putting it off several times this month. The company's statement said Naftogaz arrears for Russian gas deliveries stood at $4.458 billion.
The gas price for Ukraine surged from $268.5 to $485.50 per 1,000 cubic meters in April after Russia canceled two discounts granted previously to the country. Kiev keeps rejecting the new price saying it was ready to clear its debt if Moscow agreed to sell gas at the old price.
Earlier, the Ukrainian cabinet instructed Naftogaz to hire top lawyers to defend their interests in the dispute with Gazprom. Norwegian law firm Wikborg, Rein & Co. agreed to stand by Ukrainian state energy company in its litigation against the Russian gas giant.
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