Contents tagged with Gazprom

  • MEP heavily criticizes Nord Stream-2

    Manfred Weber, the leader of the largest European People’s Party, heavily criticized the construction plans for the gas pipeline Nord Stream-2. The Financial Times reported on May 2nd that Weber wrote about this in his letter to the German Minister for Economic Affairs and Energy, Sigmar Gabriel, and European Commissioner for Climate Action and Energy, Miguel Arias Cañete.

    Weber claims that the construction of the gas pipeline runs counter to foreign-policy goals of the European Union as it …

  • 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 …

  • Gazprom has accepted Georgia's terms on the transit of gas to Armenia

    Georgia, as before, will get 10% of the total volume of Russian gas supplies to Armenia as transit fees according to the agreement signed by the Russian corporation, as reported by the Ministry of Energy of Georgia."The text of the contract has already been agreed upon. The Ministry of Energy received the contract and sent it to the Ministry of Justice for legal assessment. The contract will then be submitted to the government for approval. Only after that will the contract come officially into …

  • Naftogaz breaks with Gazprom

    Naftogaz of Ukraine has no plans to resume purchasing gas from PJSC Gazprom after April 1, 2016, because the price of gas offered by the Russian company for the second quarter of 2016 is higher price than what is offered to Naftogaz by European suppliers, the press service of the Ukrainian company stated.

    It was reported that Gazprom has refused to extend their “winter package” agreement with Naftogaz, that defined the transition conditions for the purchase of Russian gas for Ukraine. …

  • Russian Energy Minister: Ukraine's discount on gas expired on March 31st

    The Russian Minister of Energy, Alexander Novak, reported that the discount on gas given to Ukraine expired in late March, as posted on the website of the Ministry of Energy. It was noted that the amount of the discount during the first quarter of 2016 was $17.77. The final price of gas for Ukraine totaled $212 per thousand cubic meters.

    “As of the 1st of April 2016, the price of gas for Ukraine will be fully in line with a valid contract between Gazprom and Naftogaz of Ukraine,” according to …

  • 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 …

  • Georgia refuses to purchase more gas from Gazprom

    Georgia has no need to purchase additional gas from Russia's Gazprom, the Minister of Energy of Georgia, Kakha Kaladze, said on Friday, Georgia Online writes.

    "The talks with Gazprom have not yet been completed and the contract not yet executed. A few days ago we sent them our final offer, which was announced by Georgia. We should continue to receive 10 percent in raw form, i.e. natural gas. We do not need additional volumes. Georgia will be provided with gas within a few years," the Minister …

  • Thousands protested in Tbilisi against negotiations between Georgia and Gazprom

    On Sunday, thousands of demonstrators formed a human chain six kilometers long from the Russian Embassy to the square in front of the government administration building in Tbilisi in order to protest negotiations between Georgia and Gazprom.

    The action was organized by the United National Movement opposition party of the ex-President of Georgia, Mikheil Saakashvili, and its supporters. "The Georgian people will not allow the government to undermine the country's energy security," said one of …

  • Tbilisi says Azerbaijan has strengthened Georgia's position in negotiations with Gazprom

    The agreement on the additional supply of natural gas from Azerbaijan to Georgia has strengthened Georgia’s position in its negotiations with Gazprom.  One of the leaders of the Georgian parliamentary majority, Gia Volski, reported this to journalists on Saturday, as reported by Interfax.

    “Azerbaijan has found technical resources which will strengthen our position on the market,” Volski said.  This was in reference to an agreement signed the day before between the Georgian government and the …

  • Russian Gazprom to receive 2 billion euro loan from Chinese bank

    Gazprom and the Bank of China have signed an agreement granting the Russian gas monopoly a €2 billion loan for a period of five years as reported by the press service of the company.

    It is the largest funding deal coming directly from one credit institution in the history of Gazprom. It was also noted by the company that it was the first bilateral loan agreement with the Chinese Bank.

    In August 2015 Gazprom secured a loan from a consortium of Asian Banks for $1.5 billion at LIBOR + 3.5% for …