Gazprom made a statement in the Stockholm arbitration

The Russian “Gazprom” announced that the Stockholm arbitration court has repealed a rule take or pay (“take or pay”) contract with the National oil and gas holding company “Naftogaz of Ukraine”. This at a press conference in Moscow, said the Deputy Chairman of Russian gas monopoly “Gazprom” Alexander Medvedev.

“One question only touched on that here, the arbitration award cancelled take or pay. It is not, is not repealed it is take or pay. I’m not going to tell you that there is actually, but the abolition of take or pay is not” – said Medvedev.

He stated that the balance on the decision of the Stockholm arbitration to “Gazprom” positive, even at a preliminary stage.

“The amount of this balance will be determined after the final decision of the arbitration”, – said Medvedev.

However, he said that on 30 June the court – “the issue date of the objections and comments”.

“Doesn’t mean that 30 June will be followed by a final conclusion. Moreover, as we know, arbitration is often the decision deadlines can shift. As a rule, not in the direction of acceleration and in the direction of tightening. This is a difficult question that requires serious work”, – said Medvedev.

As reported earlier, Gazprom said that the decision of the Stockholm arbitration on the dispute of the Russian “Gazprom” from the Ukrainian “Naftogaz” many “bright moments”.

We will remind, on may 31, the Stockholm arbitration court has announced a closed decision by mutual claims of “Gazprom” and “Naftogaza”. This decision was the first of several anticipated.

  • The court overturned the onerous condition “take or pay”, according to which Ukraine had to pay 52 billion cubic meters of gas annually, regardless of the actual supply.
  • The court fully lifted the ban of re-export of Russian gas.
  • “Gazprom” to revise the formula for calculating the price, but with 2014 and not as required “Naftogaz of Ukraine” from 20 may 2011 to October 2015.

Russian media were quick to say that in this case, Gazprom will demand that Naftogaz payment for gas deliveries in 2013.

Now the parties are awaiting the financial explanations of Stockholm. The amounts that the parties must pay each other on the basis of the decision of the Stockholm arbitration, separately calculate the experts.