Contents tagged with Naftogaz of Ukraine

  • Russia's Gazprom borrows pension money to pay off debt

    Gazprom, which has been cut off from international capital markets as a result of a gas dispute with Ukraine, has turned to Russians’ pension savings in order to make large foreign debt repayments.

    On Tuesday, for the second time since the start of the year, the Russian gas company has entered the Russian debt market and borrowed 40 billion rubles. Investors were offered three bond placements – a 15-year bond of 10 billion rubles, and two tranches of 15 billion rubles 30-year securities. …

  • 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 …

  • Ukrainian media: Kyiv's interests in international courts will be represented by lawyers charging a thousand dollars per hour

    The Ministry of Foreign Affairs of Ukraine has concluded an agreement on legal services with the international law firm Covington & Burling LLP for $6.66 million or 196.90 million hryvnia, reported the journalist of the investigative program Nashi Groshi (Our Money), citing the Prozorro system (Ukrainian government online procurement reporting system).    The law firm will consult and represent Ukraine on several legal cases. First, it will manage Ukraine’s lawsuit against Russia, filed on …

  • Ukraine decides not to increase prices for transit of Russian gas after 2019

    During the trilateral negotiations in Berlin on July 17, Ukraine’s Naftogaz will not demand the increase of the transit rates, stated the Director of Business Development of Naftogaz of Ukraine, Yuriy Vitrenko on during a broadcast of the radio station Novoye Vremya.

    Vitrenko stressed that Ukraine is going to Berlin with “the main proposal — to apply European rules to the transit of Russian gas through the territory of Ukraine.” Vitrenko explained that the lawsuit filed by Naftogaz against …

  • 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. …

  • Ukrainian President: there will be no Nord Stream-2 pipeline

    Ukrainian President Petro Poroshenko said that he believes the Russian gas pipeline Nord Stream 2 will not be built.

    “I believe that Nord Stream 2 will not affect the Ukrainian economy much, because it will not exist. I am sure that we can stop it with joint efforts,” he stated at a meeting with Taras Shevchenko National University students of the Faculty of Law in Kyiv, during a Q&A session.

    “The very best lawyers who represent Ukraine have now seized the assets of [Gazprom] in Britain, the …

  • 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 …

  • Ukraine starts buying gas from Polish PGNiG

    Ukrainian Naftogaz and the Polish company PGNiG signed a contract for the supply of gas to Ukraine in March 2018, as reported by the press service of the Ukrainian company.

    Supplies began on the morning of March 2nd via the Hermanowice node. During this month, according to the terms of the agreement, the Polish company will supply Ukraine with more than 60 million cubic meters of gas.

    At the same time, PGNiG head, Piotr Wozniak, indicated their readiness to increase the volume of supplies or …

  • Russia's Gazprom decided to terminate contracts with Ukraine's Naftogaz after the defeat in Stockholm Arbitration court

    Russian Gazprom announced the beginning of the process to terminate contracts with Naftogaz, as reported by the head of Gazprom, Alexey Miller, Russian RNS news agency writes.

    "Gazprom is forced to immediately terminate contracts with Naftogaz of Ukraine for the supply and transit of gas as a result of the Stockholm Arbitration," Miller said.

    According to him, the arbitration decision on the contracts between Naftogaz and Gazprom violated the balance of interests between the parties and the …