Oil and gas holding Naftogaz of Ukraine expects to see a ruling by the Arbitration Institute of the Stockholm Chamber of Commerce in the claim of the Ukrainian company to the Russian gas monopoly Gazprom on the contract for the purchase of gas before the end of this month, Commercial Director of NJSC Naftogaz of Ukraine Yuriy Vitrenko said on May 24 during the presentation of the company`s draft development strategy.
”We are awaiting a decision from Stockholm by the end of May. Maybe some issues and their resolve will be postponed to a later date, maybe to June… It will be a legally binding decision,” he said.
Earlier, according to the 2016 financial report by Naftogaz, the state holding expected the Stockholm Arbitration to issue on April 30, 2017 a verdict on the gas purchase and sale contract, and on June 30, 2017 – on the gas transit agreement.
Earlier, Ukraine, represented by Naftogaz, filed a lawsuit against Russian Gazprom with the Stockholm Arbitration claiming violations by the Russian side of two contracts: on the transit of Russian gas to the EU via Ukraine and on the purchase and sale of Russian gas by Ukraine.
In October-December 2016, the Arbitration Institute of the Stockholm Chamber of Commerce held hearings of the gas dispute over the terms of the contract concluded between the companies in 2009. Earlier it was reported that the verdict in the gas purchase contract case was expected to be handed down in April 2017.
On April 7, Naftogaz CEO Andriy Kobolev said that the latest information on a possible decision, soon to be taken at the Stockholm Arbitration in the Naftogaz suit regarding the gas purchase contract, was rather optimistic for Ukraine. He added that Gazprom was already considering their actions in case they lost the case.
According to the 2016 financial report by Naftogaz, the company demands $17.9 billion from Gazprom, while the Russian monopoly`s claims against Naftogaz amount to $45.7 billion.