“Naftogaz” is ready to resume gas purchases from Gazprom

“Naftogaz of Ukraine” is ready to resume purchases of gas from Russian “Gazprom” after the implementation of the decision of the Stockholm arbitration under the relevant contract between the parties. This was announced by the head of the holding company Andrey Kobelev on a press-conferences on Thursday, June 22, in Brussels.

“In accordance with the first individual decision of the Stockholm arbitration on the gas supply contract, the price should be revised. And as soon as “Gazprom” will fulfill the decision of the Tribunal, we will be ready to begin purchasing gas from it,” – said KOBOLEV.

However, the head of Board of NAK said it’s not known how much time is necessary “to Gazprom” to implement the decision of the Tribunal, so that the NAC does not expect the resumption of purchases from “Gazprom” in the near future and in the current year.

We will remind, the Stockholm arbitration court postponed a decision on the transit dispute “Gazprom” and “Naftogaz”.

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.