Contents tagged with Naftogaz

  • Russian Gazprom cancels eurobond placement due to Ukraine's lawsuit

    The Kremlin’s gas strategy in the last few years, designed to deprive Ukraine of revenue from gas transit to Europe by replacing the Ukrainian gas transport system with the Nord Stream 2 and Turkish Stream pipelines, appears to be backfiring on Gazprom.

    Already faced with a legislative ban on utilizing more than half of Nord Stream 2’s capacity, and having lost one third of Nord Stream 1’s capacity due to a ruling by the European Court of Justice, the Russian gas company has now sustained …

  • Ukraine’s Naftogaz strikes again at Gazprom

    Naftogaz of Ukraine has managed to have the accounts of GazAsia Capital S.A., the company that placed Gazprom’s yen-denominated eurobonds, frozen, Interfax reports, citing a memorandum on the Russian company’s new eurobond placements.

    GazAsia Capital S.A. is an SPV company, created for a specific purpose. Through it, Gazprom placed 10-year bonds for 65 billion yen (approximately $595 million) in December last year. Now, GazAsia does not have the right to make payments to Gazprom, …

  • Ukraine finds a way to block Nord Stream 2

    Kyiv has threatened to dispute the amendments made by members of Germany’s ruling coalition to the EU’s new gas directive which, once adopted, will allow the Nord Stream 2 gas pipeline to bypass the restrictions. Ukraine’s trade representative, Deputy Minister of Economic Development, Trade and Agriculture Taras Kachka, warned about this yesterday.

    According to him, such an initiative will lead to lengthy legal procedures, which will block the operation of the Russian pipeline, Interfax …

  • Russia wants Ukraine’s Naftogaz to ‘understand and forgive’ $22 billion

    Andriy Kobolyev, CEO of Naftogaz of Ukraine, has commented on the statements by Russian President Vladimir Putin and his press secretary Dmitry Peskov that the reciprocal lawsuits should be dropped before Russia and Ukraine sign a new gas transit contract.

    According to Kobolyev, Russia essentially wants Ukraine to waive a $22 billion claim, without Russia taking any equivalent steps.

    “For Naftogaz, continuing the transit of Russian gas is a strategic task. But this problem must be viewed in …

  • Ukraine's Naftogaz files new lawsuit against Gazprom in Stockholm Arbitration

    The Managing Director of the Ukrainian gas company Naftogaz Yuriy Vitrenko reported on his Facebook page that the Ukrainian company filed a new lawsuit against the Russian gas giant Gazprom in the Arbitration Institute of the Stockholm Chamber of Commerce. The new lawsuit involves the contract for gas transit.

    These are the counterclaims that the Ukrainian side files against the Russian company. "It was our turn to file a statement of protection and counterclaims. The number of pages of the …

  • Russia offers to share Nord Stream 2 gas transit profit with Europe

    At the recent trilateral talks on gas transit through Ukraine, the Russian delegation brought up the topic of authorization for the completion of the Nord Stream 2 gas pipeline, Naftogaz CEO Andriy Kobolyev wrote in a Facebook post.

    “This issue was brought up in a bilateral format, where the Ukrainian party was not present. However, as sources from the European Commission told me, there was one interesting point among Gazprom’s arguments: Our project is not only purely commercial, it is …

  • Ukrainian Naftogaz prepares new lawsuit against Gazprom

    Executive Officer of the Ukrainian gas company Naftogaz Yuriy Vitrenko reported on his Facebook page that Naftogaz has started preparing a new lawsuit against Russian gas giant Gazprom.

    Vitrenko made this comment after the negotiations between Russia, Ukraine, and the European Commission in Brussels on the future of the Russian gas transit through Ukrainian territory.

    "No agreements were made. But I did not waste time because I worked on the claims against Gazprom in the new arbitration …

  • European Commission: negotiations with Russia on gas transit through Ukraine have failed

    The European Commission is disappointed with the results of the trilateral negotiations on Russian gas transit through Ukraine, said Maros Sefcovic, Vice President of the Energy Union, after meeting with the Russian and Ukrainian energy ministers, Alexander Novak and Oliksiy Orzhel, in Brussels.

    According to Sefcovic, the Russian delegation refused to make concessions, even though there are only two months left in which to reach an agreement. Gazprom’s current contract with Kyiv expires on …

  • Kyiv denies resuming gas supply to LPR and DPR

    Naftogaz of Ukraine has refuted reports of it resuming the natural gas supply to the temporarily occupied territories of the Donetsk and Luhansk regions.

    “The news that we are going to supply gas to the Luhansk People’s Republic (LPR) and Donetsk People’s Republic (DPR) is a fake. If we are ordered to supply gas to these Ukrainian territories before they are liberated and without the ability to collect money for this, we’ll tell you,” Naftogaz wrote on Facebook.

    At present, decree No. 867 …

  • Kyiv to demand compensation from Gazprom for gas transit termination

    "Naftogaz of Ukraine intends to demand from Gazprom compensation for alleged losses from the termination of gas transit from Russia to Europe. On November 1, we will send our claims to Gazprom for more than $11 billion," wrote Chief Commercial Officer of Naftogaz Yuriy Vitrenko on his Facebook page.

    A day before, during a meeting with Russian Prime Minister Dmitry Medvedev, Gazprom's CEO Alexey Miller stressed the need to settle legal disputes before the conclusion of a new contract with Kyiv. …