Contents tagged with Naftogaz

  • The Hague Permanent Court of Arbitration orders Russia to pay $5 billion to Ukraine’s Naftogaz for assets seized in Crimea

    The Permanent Court of Arbitration in The Hague ordered Russia to pay the Ukrainian gas company Naftogaz $ 5 billion in compensation for the lost property in Crimea. This is the largest amount awarded by an International Arbitration Tribunal as compensation for Russia's expropriation of assets in Crimea. If the Russian Federation refuses to pay, the decision can be enforced, said the press service of Naftogaz.

    "These are the consequences of Russia's seizure of our assets in Crimea in 2014.  …

  • Stockholm arbitration court rejects Kolomoisky's $6 billion lawsuit against Ukrainian government

    Arbitration Institute of the Stockholm Chamber of Commerce rejected a $6 billion lawsuit of minority shareholders of the Ukrainian oil and gas company, Ukrnafta, controlled by Igor Kolomoisky’s Privat group, against the Ukrainian government.

    "Mr. Kolomoisky and Bogolyubov wanted to recover from Ukraine more than $6 billion U.S. dollars and filed a lawsuit in the Stockholm arbitration. After almost six years of litigation, today, arbitration denied the claim. It was rejected in its entirety," …

  • Kyiv: Ukraine is preparing to stop gas transit from Russia

    Ukraine is preparing to stop gas transit from Russia and the program of optimization of the country's gas transportation system is part of this strategy, stated the head of the Ukrainian national company "Operator of the Gas Transport System of Ukraine" Serhiy Makogon in an interview with the news outlet.

    According to Makogon, Kyiv will continue to oppose the construction of the Nord Stream-2 gas pipeline and counts on assistance from the U.S. and EU countries, as the project "carries …

  • Ukraine prepares $17 billion worth of new claims against Gazprom

    Naftogaz is ready to put forward another $17.3 billion in claims against Gazprom after transitioning to the European standard of regulation of the gas industry, announced the company's executive director Yuriy Vitrenko on his Facebook page.

    "My team has clearly formulated and submitted for approval to the supervisory board of Naftogaz additional "issues" to Gazprom for the amount of $17.3 billion. There will be a lot of work ahead of us if this is approved," he wrote.

    Vitrenko also commented …

  • Ukraine's Naftogaz demands $8 billion from Russia for loss of Crimean assets

    The Ukrainian oil and gas company Naftogaz has responded to Russia’s counterclaim regarding the compensation amount for Naftogaz’s loss of assets in Crimea, the company announced on Twitter.

    According to Naftogaz’s statement, Russia filed a claim in December 2019.

    Naftogaz also confirmed the amount of damage compensation it is demanding – around $8 billion, a figure which includes net losses and interest.

    The company said in its tweet that the losses were caused by the illegal expropriation …

  • Ukrainian Naftogaz considers filing new lawsuits against Gazprom

    Naftogaz is considering the possibility of filing new lawsuits against Gazprom, the Ukrainian company’s executive director Yuriy Vitrenko wrote on Facebook.

    He said that this could involve a complaint to the European anti-monopoly office regarding Gazprom’s “abuse of its dominant position”, with possible litigation in the EU Court of Justice, as well as an international arbitration in Zurich regarding the new transit contract, on the basis of Swiss law.

    Naftogaz might also appeal to the …

  • In 2019 volume of Russian gas transit through Ukraine grew with Poland's help

    In 2019, the transit of Russian gas through Ukraine went up by 3%, even though it was supposed to go down. Kyiv was assisted by Warsaw, which in court managed to have additional restrictions placed on the ground-based continuation of the Nord Stream pipeline in Germany.

    According to the operational data of the Ukrainian national oil and gas company UkrTransGaz’s , 89.2 billion cubic meters (bcm) of gas was transported through Ukraine in 2019, 2.7 bcm more than in 2018. The Ukrainian gas …

  • Kyiv: Ukraine not ready to resume direct gas deliveries from Russia

    Dmytro Kuleba, Ukraine’s Vice Prime Minister for European and Euro-Atlantic Integration, believes that Ukraine is not ready to accept direct gas deliveries from Russia, and intends to do this only as part of the European energy market and its rules

    “I think that we are not yet ready to return to direct deliveries. But that’s not even the point. My goal as Vice Prime Minister of Eurointegration is to ensure that Ukraine’s gas market functions exclusively on the basis of the standards of the …

  • Ukraine signs contract for gas transit from Russia to Europe

    Ukrainian President Volodymyr Zelensky said that a contract was signed for the transit of Russian gas to Europe from Russia through the territory of Ukraine for five years.

    "This is the end of the year, but not the end of our achievements. Ukraine has signed a gas transit contract for five years, during which we will receive at least over $7 billion. The parties can extend the contract for another ten years," wrote Zelensky on his Facebook page.

    "The Ukrainian gas transit system will be given …

  • Kremlin: payment of $2.9 billion to Ukraine was a difficult decision

    Russian Deputy Prime Minister Dmitry Kozak said on Vesti Nedeli program on Russia-1 TV channel that Gazprom's $2.9 billion payment to Naftogaz of Ukraine was a difficult decision for the Russian side.

    "There was a choice between bad and worse. But all of us together, we can lose much more, unprecedented amounts," said Kozak as quoted by TASS.

    In mid-December, Gazprom and Naftogaz agreed on the terms and volumes of Russian gas transit to Europe. The parties also agreed to give up mutual claims. …