Contents tagged with Gazprom

  • Ukraine's Naftogaz to pay 41 employees $46 million in bonuses for the victory over Gazprom

    41 employees of Naftogaz will receive big bonuses for Naftogaz’s victory in a dispute with Gazprom. The decision was approved by Naftogaz’s supervisory board.

    The press service of the Ukrainian company said that the total amount of the bonus payment is $46.3 million, of which $9 million well be spent on income tax and other fees. This is 1% of the amount that Gazprom must pay to Naftogaz of Ukraine in accordance with the decision of the Stockholm Arbitration Institute that settled the gas …

  • Russia considers running Turkish Stream Gas pipeline through Bulgaria

    Following talks with Bulgarian Prime Minister Boyko Borisov, Russian President Vladimir Putin said that Gazprom was "working out in practical terms" the construction of a second gas line stretching from Turkey to Bulgaria for Turkish Stream, which is intended for the transit of Russian gas through Turkey to the countries of the Southeast Europe, reported the newspaper Kommersant.

    Initially, Gazprom was considering two routes – one through Greece to southern Italy (nicknamed the Poseidon …

  • Switzerland starts seizing Gazprom assets

    Naftogaz Ukraine has begun the procedure of exacting from Gazprom a fine of $4.6 billion, which was awarded to the Ukrainian company in February 2018 by the Arbitration Institute of the Stockholm Chamber of Commerce.

    The first to be hit were the Russian company’s assets in Switzerland, where the companies Nord Stream AG and Nord Stream 2 AG are registered. The first company oversees the Nord Stream and is 51% owned by Gazprom, the second belongs to Gazprom completely, and is constructing the …

  • Media: at Ukraine’s request shares of Nord Stream and Nord Stream-2 may be seized in European jurisdictions

    Naftogaz of Ukraine has begun the process of recovery in the courts of the $2.6 billion debt of Russia’s gas conglomerate Gazprom in compliance with the decision of the Arbitration Institute of the Stockholm Chamber of Commerce, Interfax-Ukraine reports with reference to a source in the government.

    It is noted that the legal process has been initiated in Switzerland, the Netherlands and the United Kingdom under article 5 of the New York Convention on the Recognition and Enforcement of Foreign …

  • Russia's Gazprom requests reversal of Stockholm Arbitration Court decision regarding Ukraine's Naftogaz dispute

    On Monday, May 28, Gazprom sent an appeal to the Svea Court of Appeal in Stockholm for a full reversal of the Stockholm Arbitration Court’s earlier decision regarding the transit contract dispute between Gazprom and Naftogaz Ukraine.

    Gazprom said that an unauthorized person intervened in the Stockholm Arbitration Court’s verdict process, which decided that the Russian company Gazprom must pay a US $4.7 billion fine to Naftogaz Ukraine.

    According to Interfax, Gazprom released a clarifying …

  • Turkey allows Russia's Gazprom to extend Turkish stream pipeline to the EU

    Turkey has concluded an agreement with the Russian Energy Corporation Gazprom regarding construction of the Turkish stream pipeline’s second-string land section, which involved an arrangement to supply gas to the EU, RIA Novosti reports. This agreement will enable Russia to extend its gas pipeline across the territory of Turkey and into the EU border.  

    At the end of April, Gazprom announced the completion of the Turkish stream’s first-string section. The first-string of this Russian gas …

  • Ukrainian President: Russia's Gazprom will pay its debt down to the last penny

    During the first meeting of the National Investment Council, Ukrainian President Petro Poroshenko said he is confident that Ukraine will manage to get payments from the Russian company Gazprom granted by the decision of the Stockholm Arbitration Court.

    "Now Gazprom does not pay us, but so that you have no doubts: every last penny [that Ukraine will receive from Gazprom] will go to the state budget," Poroshenko said.

    In February 2018, the Stockholm Arbitration Court obliged Gazprom to pay the …

  • Russia's Sberbank lays off analysts for negative Gazprom report

    Russia’s Sberbank has carried out layoffs in the analysis division that presented a review of Gazprom in May which said that all of the company’s largest gas pipeline projects are detrimental and profitable only for the subcontractors, who are almost exclusively friends of President Vladimir Putin.

    The author of the review, chief analyst for the oil and gas sector Alex Fek, was fired on May 22. The next day Alexander Kudrin, head of Sberbank CIB’s analysis division, left the company “by …

  • Ukraine's Naftogaz: Gazprom stopped sending gas bills for the Donbas

    Naftogaz of Ukraine claims that Russian Gazprom has stopped sending bills for the gas which is supplied to the territories of Donbas that are not under the Ukrainian government’s control.

    However, the Ukrainian company reports that, “the volume of gas supplies has increased, which also shows in Gazprom’s reports.” Gazprom has not commented on this statement yet.

    In February 2015, Gazprom began to supply gas to separatists in the the Donbas through gas-measuring points that are not controlled …

  • Poland files case against Russia's Gazprom for financing Nord Stream 2 pipeline

    The Polish Office of Competition and Consumer Protection (UOKiK) has opened proceedings against Gazprom and five other international companies responsible for financing the Nord Stream 2 gas pipeline, reported Polskie Radio.

    Polskie Radio noted that more than two years ago, the five companies wanted to create a consortium to finance the construction of the Russian gas pipeline. Marek Niechciał, President of UOKIK, stated that “the company that was to deal with the construction of the Nord …