Contents tagged with Naftogaz
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Naftogaz of Ukraine expects to receive up to $16 billion from Russian Gazprom
The national holding company Naftogaz of Ukraine expects to receive compensation in the sum of $6.5 billion to $16 billion from Russian Gazprom following the Stockholm Arbitration Court’s consideration of gas transit contracts, UNIAN reports citing the company's Chief Commercial Officer, Yuri Vitrenko, stated this.
"The amount of our claim will be between $6.5 and $16 billion, depending on whether Ukrainian legislation is applied," he said.
Vitrenko added that he anticipates the Stockholm …
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Ukraine's Naftogaz files $5 billion lawsuit against Russia for seizing assets in Crimea
Naftogaz has filed a lawsuit against Russia, demanding $5 billion of reimbursement for the loss of assets in annexed Crimea. The statement has been received by the tribunal at the Permanent Court of Arbitration in the Hague, Naftogaz’s press service reports.
Alongside Naftogaz, six subsidiary companies took part in initiating the litigation: Chornomorneftegaz, Ukrtransgaz, Likvo, Ukrgazdobycha, Ukrtransnafta and Gaz Ukrayiny.
According to the company, a court ruling is expected by the end of 2 …
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Gazprom to increase gas transit through Ukraine
Gazprom has applied for an increase of gas transit through Ukraine to 315 million cubic meters per day, according to the press service of NJSC Naftogaz of Ukraine.
Gazprom’s daily application for increase has grown by 47 million cubic meters in the last week. Naftogaz is ready to ensure the implementation of the enlarged applications in full amount, although such significant fluctuations in the volumes of transit are not specified in the contract terms between Naftogaz and Gazprom.
Naftogaz …
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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 …
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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 …
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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 …
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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 …
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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 …
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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 …
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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 …