The Arbitration Institute of the Stockholm Chamber of Commerce will hear claims filed by Ukrainian state holding company Naftogaz of Ukraine and Russian gas giant Gazprom in late November – early December 2016, and the judgment is expected to be awarded in late January 2017, according to Gazprom`s quarterly report posted on its website.
The claims concern the terms of a contract on natural gas transit shipments via Ukraine in 2009-2019 and the revision of prices of Russian gas.
”On October 13, 2014, NJSC Naftogaz of Ukraine filed a request for arbitration with the Arbitration Institute of the Stockholm Chamber of Commerce, Sweden, against PJSC Gazprom demanding that: … 3) PJSC Gazprom be obliged to pay compensation to NJSC Naftogaz for non-supplied transit volumes of gas in the amount of $3.2 billion, as well as interest accrued on that amount … On October 16, 2015, PJSC Gazprom filed a statement of defense to the arbitration court in response to NJSC Naftogaz`s claim … oral hearings of the case are scheduled for late November – early December 2016, with the arbitrators` decision to be awarded by the end of January 2017,” according to the company`s report.
”On June 16, 2014, NJSC Naftogaz of Ukraine filed an arbitration request with the Arbitration Institute of the Stockholm Chamber of Commerce, Sweden, against PJSC Gazprom with the requirements of retroactive change in natural gas prices … On March 14, PJSC Gazprom filed a statement of defense to the arbitration court in response to NJSC Naftogaz of Ukraine`s claim … oral hearings of the case are scheduled for September-October 2016 with the arbitrators` decision to be awarded in late 2016 – early 2017,” the contract on the revision of the price of Russian gas reads.
As UNIAN reported earlier, former Ukrainian Prime Minister Arseniy Yatsenyuk announced that the Stockholm arbitration might award its decisions under the two lawsuits against Gazprom in favor of Naftogaz at the end of 2016. The decision would enforce the Russian gas monopoly to pay $22.7 billion.
”Last year Ukraine initiated litigation against Russia`s Gazprom regarding the two contracts – the purchase contract [of Russian gas]. Ukraine demands that Gazprom pay $14.5 billion. The second contract is a gas transit contract, with regard to which Ukraine demands that Russia`s Gazprom pay $8.2 billion,” Yatsenyuk said then.
In October 2014, Naftogaz appealed to the Stockholm arbitration court seeking the revision of its natural gas transit contract with Gazprom, as well as compensation from Gazprom for the shortfall in gas transit volumes.
The lawsuit lodged by Naftogaz with the Arbitration Institute against Gazprom in June 2014 demands not only the revision of Russian gas prices, which rose sharply in the second quarter of 2014 by more than a third, to $485 per 1,000 cubic meters, but also included the demand that Gazprom refund Ukraine $6 billion that the Ukrainian company said it had overpaid for gas since 2010.
Ukraine seeks the general revision of the terms of the gas contract with Gazprom dated 2009.
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