Contents tagged with Naftogaz

  • Court of Arbitration in The Hague considers lawsuit filed by Naftogaz against Russia on Crimean assets

    The International Court of Arbitration in The Hague (the Permanent Court of Arbitration) began consideration of the lawsuit of Naftogaz of Ukraine against the Russian Federation over compensation for assets lost as a result of the annexation of the Crimea.

    Information about the case under consideration was reported on the arbitration website, according to Oil News.

    Naftogaz, like other Ukrainian companies, is appealing to the United Nations Commission on International Trade Law (UNCITRAL) and …

  • Ukrainian Naftogaz to increase its claim against Gazprom by $5 billion

    Naftogaz of Ukraine intends to increase the amount of claim in a lawsuit against Russian Gazprom over natural gas transit costs by $5 billion, as indicated by their Commercial Director Yuri Vitrenko on Ukrainian Channel 5.

    “We are seeking a judgement in our favor regarding the transit contract. We are claiming more than $13 billion, and we will sue for an additional $5 billion as well,” Vitrenko promised, noting that Gazprom's claims amount to $7 billion. “We expect that we will receive fair …

  • Ukrainian Naftogaz will spend $1 million on anti-corruption investigations

    NJSC Naftogaz Ukraine has announced open tendering for the purchase of independent financial and anti-corruption investigation services, as reported on the company's website.

    The services, to be provided by the contractor before December 31, 2018, will include investigations of suspicious transactions, falsification of financial statements, violations of legal frameworks, bribery and corruption, improper business relationships, misappropriation of assets, and conflicts of interest.

    The …

  • Naftogaz refused to negotiate with Gazprom in Moscow

    National Joint Stock Company Naftogaz of Ukraine refused to negotiate with Gazprom in Moscow; a decision noted in the company's response to the invitation of Alexander Medvedev, Gazprom Deputy Chairman of the Management Committee.

    Yesterday, Medvedev said that Gazprom was ready to discuss a new transit contract because the current one expires in 2019, so he invited Naftogaz to come to Moscow.

    Naftogaz believes that the territory of the Russian Federation is not a place for negotiations. "This …

  • Poroshenko: Stockholm arbitration tribunal’s decision on the lawsuit of Naftogaz vs. Gazprom was a 'convincing victory'

    President Petro Poroshenko considers the decision of the arbitral tribunal under the auspices of the Arbitration Institute of the Stockholm Chamber of Commerce a victory in the lawsuit of Naftogaz Ukrainy against the Russian Gazprom under the gas supply contract. This was reported on the president's website.

    "Our joint effort, made by NATO and legal representatives and the Foreign Ministry team, which also helped us a lot, together with the position of the President’s administration and the …

  • Head of Naftogaz says Ukraine expects two final decisions in a dispute with Gazprom

    The final computed amount of compensation in the dispute between Naftogaz and Gazprom will be known after the completion of the so-called “transit case.” The head of the NJSC Naftogaz of Ukraine, Andriy Kobolyev made the statement on "1 + 1" TV on the evening of June 4.

    Kobolyev recalled that according to the decision of the arbitration tribunal under the auspices of the Arbitration Institute of the Stockholm Chamber of Commerce, Ukraine will pay nothing for gas that they did not take, despite …

  • Poroshenko: This is the first time that Russia is unable to use gas as an instrument of political leverage and blackmail

    Ukrainian President Petro Poroshenko welcomed the judgment of the Stockholm Court of Arbitration in the case of Naftogaz of Ukraine against Gazprom.

    Earlier, the Stockholm Court of Arbitration fully satisfied the claims of Naftogaz to Russia's Gazprom under the gas supply contract with Ukraine from 2009 on a ‘take or pay’ basis. The Ukrainian state company won the largest commercial dispute.

    The head of state noted that according to this judgment, the "take or pay" provision was cancelled and …

  • The Stockholm arbitration tribunal rejected the claims of Russia's Gazprom against Naftogaz of Ukraine

    The claims of Gazprom against Naftogaz of Ukraine regarding the take-or-pay condition were completely abolished, as reported to Interfax-Ukraine by the press service of the Ukrainian state-owned holding company citing the head of Naftogaz, Andriy Kobolyev.

    The press service also reported that the arbitral tribunal under the auspices of the Arbitration Institute of the Stockholm Chamber of Commerce satisfied the demand of Naftogaz of Ukraine concerning the price revision in the contract for gas …

  • Naftogaz intends to dramatically reduce the tariff for Russian gas transit beginning in 2020

    NJSC Naftogaz of Ukraine plans to significantly reduce tariffs on natural gas transit after the expiration of the contract with the Russian company, Gazprom, in 2019, as stated by the Group Chief Commercial Officer of Naftogaz, Yuriy Vitrenko, in an interview with the DPA news agency which was published on Monday, May 1st, Deutsche Welle reported.

    "Starting in 2020, the tariffs will reduce to nearly one tenth [of the current], and this will make transit through the Ukrainian gas transportation …

  • European Bank for Reconstruction and Development: Ukraine's Naftogaz failed to reform

    The European Bank for Reconstruction and Development or EBRD announced the failure of the reform of Naftogaz of Ukraine.

    Last week, four out of five members of the Naftogaz Supervisory Board, Marcus Richards, Charles Proctor, Paul Warwick and Yulia Kovaliv announced that they may leave the company due to the government's failure to implement the company's corporate governance plan.

    This was reported by Evropeyskaya Pravda online newspaper with reference to a letter from EBRD President Suma …