MOSCOW, April 27 (RAPSI) – The Arbitration Institute of the Stockholm Chamber of Commerce is expected to rule in a dispute between Russian gas giant Gazprom and Ukrainian largest oil and gas company Naftogaz over gas supplies on June 30, Gazprom’s financial report for 2016 reads on Thursday.
According to the report, Gazprom’s consolidated demands against Naftogaz seeking to recover debt for gas, penalties for failure to pay on time as well as payments regarding “take or pay” obligations for 2012-2016 exceed $37 billion.
Naftogaz, in turn, seeks to retroactively change price for gas and to recover over $14.2 billion from Gazprom for allegedly overcharging the company. Both lawsuits were filed on June 16, 2014 and united into a single case on July 21 of the same year.
The court is also reviewing a separate lawsuit filed by Naftogaz against Gazprom in October 2014. Ukrainian company seeks to review a contract with Gazprom on gas supplies for 2009-2019 and to recover $3.2 billion plus interest in compensation for transit gas “under-delivered” between 2009 and 2014. Later, the sought compensation sum has been raised to $11-16 billion, according to various calculations.
Naftogaz has also asked the court to rule that its rights and obligations under the contract with Gazprom be transferred to Ukrtransgaz and that some contractual clauses (to be specified later) are invalid and/or ineffective and hence should be amended or replaced with other provisions that would comply with Ukrainian and EU energy and antimonopoly laws. The Stockholm Chamber of Commerce is expected to issue its judgment in this lawsuit on June 30 as well.