Contents tagged with Naftogaz

  • Transit of Russian gas reached record low

    The head of Naftogaz, Andriy Kobolyev, has reported on the low volumes of Russian gas transit and explained that this a result of the pressure that Moscow is exerting on Kiev. He said this while on air with Channel 5.

    “Transit volumes have continued to decrease and are now at a record low. This is related to the pressure that Russia exerts on Ukraine and Naftogaz. Its goals are to firstly minimize the revenue from this type of business and secondly, I think, it is part of a tactic to promote …

  • The First Deputy Chairman of Naftogaz was arrested in Kiev

    The First Deputy Chairman of the Board of the National Joint-Stock Company, Naftogaz of Ukraine, and the Chairman of the Supervisory Board of the Odessa Port Plant (OPP), Serhiy Pereloma, were arrested and jailed for 60 days by the court of Kiev on charges of theft of government property, the TV channel 112 Ukraine reports.  

    It is reported that the court set bail at 80 million hryvnia ($3.2 million at current exchange rates).  However, after the meeting Pereloma said that he had no such money …

  • Kiev will not pay Gazprom for gas supplies to separatist republics

    Ukrainian company, Naftogaz, has refused to pay Gazprom for gas delivered to the separatist-controlled territories of Donetsk and Luhansk.

    On the 18th of May, Naftogaz reported that the Russian gas company had demanded a payment of $670 million for gas supplied to the so-called Donetsk People's Republic (DPR) and the Luhansk People's Republic (LPR) from February 2015 to April 2016.

    The report also stated that Naftogaz had not purchased gas from Gazprom since November 2015. Before that, it had …

  • Naftogaz: Ukraine could receive $50 billion if the court rules against Gazprom

    The Director of the Business Development at Naftogaz, Yuriy Vitrenko, has said that if the Stockholm Arbitration Court rules against Gazprom, the Russian company would be liable to pay $50 billion in damages to the Ukrainian company. He said this during an interview with Ukrainian Hromadske TV Channel.

    “The total claim amount is $50 billion, of which $30 billion is compensation for gas that was not provided by Gazprom, or gas that we overpaid for. The remaining $20 billion is related to …

  • Naftogaz files lawsuit against Russia

    Naftogaz of Ukraine has filed a lawsuit against the Russian Federation for damages incurred by the loss of its assets in the Crimea, according to the company’s head, Andriy Kobolev, Interfax-Ukraine reported.

    "We have filed a lawsuit against the Russian Federation with respect to compensation for not only the cost of the towers, but all the assets that have been lost… in the Crimea because of the Russian occupation, or those assets to which we temporarily do not have access to. For example, …

  • World Bank: Ukraine has removed the middleman in relations with Gazprom

    The World Bank notes that the government of Ukraine has made decisive steps towards removing the middleman between Gazprom and Ukraine in an attempt to root out a major source of corruption. This was stated by the World Bank Country Director for Ukraine, Belarus and Moldova, Europe and Central Asia, Qimiao Fan.

    "The Ukrainian government has already taken some important steps towards transforming the gas market… [by removing things] that resist change in the area that drives reforms. An …

  • Naftogaz to expand its claims against Gazprom

    As of the first quarter of 2016, NJSC Naftogaz of Ukraine will increase its claims against Gazprom up to $1 billion under the gas transit contract, as reported by Business Development Director, Yury Vitrenko, on his Facebook page. “We will receive nearly $1 billion from Gazprom for the first quarter of 2016 for underpayment of gas transit costs,” he said.

    According to Vitrenko, the claims under the gas purchase contract will be also expanded.

    “Both parties will expand their claims before the …

  • Naftogaz's claim against Gazprom exceeds $8 billion

    The total claim amount made against Gazprom by Naftogaz has reached 8.2 billion dollars.  This claim is in regard to a contract between these two companies for the transit of Russian gas through Ukraine.

    The head of Naftogaz, Andrew Kobolyev, reported this during a conference in Kiev.

    “The total amount of claims made against Gazprom has reached an amount of 8.2 billion dollars,” Kobolyev said.

    According to him, this amount had accumulated during the duration of the contract, which began in 20 …

  • Naftogaz to Discuss Gas Transit Tariffs with Gazprom

    The delegation Naftogaz of Ukraine will visit Moscow in the near future to discuss new tariffs for the transit of gas through Ukraine.  These discussions will be held with the Chairman of Gazprom, Alexander Medvedev.  This was reported to the Agency Gas Information (AGI) by an inside source.

    The transit rate is currently determined by the long-term contract (from 2009 to 2019) between Naftogaz of Ukraine and Gazprom.  This rate is dependent on the value of the fuel component and inflation in …

  • Russia’s natural resource hegemony continues to decline

    With the lifting of sanctions against Iran and Tehran’s consequent participation in the global oil market, the price for Russia’s main export commodity—energy sources—continues to decline with no end in sight. With the fourth largest reserves in the world, Iran put its oil on the global market on Monday, contributing to oil prices dropping below $28 per barrel.

    What is more, the recent events in the Russian gas supply market exacerbate the situation, as traditional markets for Russian natural …