Contents tagged with Gazprom

  • Ukraine refuses to reconcile with Russia's Gazprom

    The Director of Business Development of the Ukrainian company Naftogaz, Yuriy Vitrenko, stated that any reconciliation with regards to the ruling of the Stockholm Arbitration Court on the Naftogaz-versus-Gazprom case is impossible. 

    “It should have been negotiated before the final decision of the Arbitration Court. Now it is too late to ask for amicable agreement. According to the decision of the Arbitration Court, Gazprom should pay us $2.56 billion, plus $75 million interest, and also cover …

  • Naftogaz offers to make gas transit through Ukraine cheaper than Nord Stream 2

    On July 13, Naftogaz Ukraine sent a proposal to the relevant national commission proposing changes to the method for calculating natural gas transit tariffs which has been in place since 2015, reported the company’s press service.

    The price envisaged by the new proposal is $2.17 to transit 1000 cubic meters 100 km (with VAT and the fuel component). This is 20% less than the transit rate in the existing contract with Gazprom, and also 2.3 times smaller than the average cost of transit according …

  • Russia's Gazprom discloses information on its assets in Great Britain

    Gazprom disclosed information on its assets in Great Britain upon request of an English court after claims made by Naftogaz of Ukraine. As Interfax reports, Gazprom owns a block of shares of Nord Stream AG that was pledged as collateral for funding.

    “This does not mean new encumbrance of Nord Stream AG shares or their transfer in favor of Naftogaz of Ukraine. On June 22, Gazprom learned that on June 18, the English court prohibited any deals involving Gazprom’s assets in the territory of …

  • Ukraine's Naftogaz: seizure of Gazprom’s assets in Switzerland reinstated

    The Supreme Court of the Canton of Zug (Switzerland) reinstated the freeze of Gazprom shares in Nord Stream AG and Nord Stream 2 AG,  RBC news agency reported with reference to a statement by the Ukrainian company Naftogaz.

    The Ukrainian company said that it appealed the decision of the local authorities, which ordered the freezing of assets, concerning the collection of debts. The seizure, explained Naftogaz, was lifted because Nord Stream and Nord Stream 2 told the authorities that the …

  • Gazprom loses in court to Ukraine's Naftogaz once again

    The Svea Court of Appeal (Sweden) has dismissed Gazprom’s complaint that there was a serious violation of Swedish law in the drafting of the ruling made by the Stockholm Arbitration Institute to collect $2.6 billion in favor of Naftogaz.

    “After studying the arguments presented by Naftogaz, the court dismissed Gazprom’s baseless claims that a significant part of the court ruling’s rationale on transit had allegedly been written by the administrative secretary,” Naftogaz noted in a public post. …

  • Stockholm Arbitration Court supports Poland’s demand for a reduction in gas prices from Gazprom

    In the interim judgment on the claim of the Polish oil and gas company PGNiG, the Stockholm Arbitration Court ruled that it can demand that the Russian gas monopoly Gazprom reduce gas prices, as evidenced by the partial decision of the Court published by the press-service of the PGNiG.

    The Polish company has the right to demand lower prices for Gazprom’s Russian gas within under the so-called Yamal contract, the long-term contract under which the Russian company supplies Poland with gas.

    The …

  • Swedish appeals court upholds suspension of Stockholm arbitration ruling on Gazprom vs Naftogaz case

    The Swedish Svea Court of Appeal upheld its decision to suspend the February 28 ruling, which was made by the Stockholm arbitration court, concerning the gas transit contract dispute between Gazprom and Naftogaz.

    “Naftogaz tried to appeal this court order, but the court ruled that its arguments were insufficient,” Gazprom reported through its press service. “This circumstance strengthens Gazprom’s position for appealing attempts by Naftogaz to enforce the aforementioned arbitration ruling in …

  • Gazprom’s European partners under threat of US sanctions because of Nord Stream 2 pipeline

    European partners of Gazprom are frightened of coming under US sanctions for helping to construct the Nord Stream 2 gas pipeline, said a member of the board of the German energy company Uniper, RBC new agency reported.

    Reiner Hartmann heads the Russian branch of Uniper, a company that belongs to the Nord Stream 2 consortium of investors. He said the likelihood that the United States will indeed impose sanctions ,that it is threatening with, is "extremely threatening" for all of Gazprom's …

  • UK seizes assets of Russia's gas conglomerate Gazprom

    The UK has followed Switzerland and the Netherlands in the seizure of Gazprom assets.

    Despite the appeal filed at the Swedish Arbitration Institute and the suspension of the enforcement of the $2.6 billion fine in favor of Naftogaz Ukraine, the London Commercial Court has authorized the freezing of Gazprom’s assets in the UK, TASS reported, citing the Ukrainian company’s press service.

    The order to take interim measures was issued on Monday: in the next 48 hours, Gazprom must provide Naftogaz …

  • Russia's Gazprom to build pipeline through North Korea

    Another Russian pipeline to Asia, announced by billionaire and major Gazprom contractor Gennady Timchenko in May, will pass through North Korea.

    Gazprom, which is already engaged in the construction of gas pipelines to Turkey, the EU and China with a total cost of $25 billion, is negotiating a new construction project with South Korea, Gazprom deputy chairman Vitaly Markelov announced on Friday.

    The project in question was mentioned in a memorandum with the South Korean company Cogas in 2008, …