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Naftogaz to shut down office in Russia

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Naftogaz will close its representative office in Moscow. Interfax-Ukraine reports.
Naftogaz Supervisory Board entrusted the Board Directors to arrange the closing of the office on March 12, 2018.
“We decided to close the office, because its existence is not reasonable anymore,” the message says.
As it was reported, Gazprom announced the termination of gas contracts with Naftogaz after the decision of the Stockholm Arbitration.

Naftogaz-Ukraine comprises big oil-and-gas production enterprises of Ukraine. The holding company is a monopolist in gas transit, its preservation in underground storages, and oil transportation by pipelines throughout the country.
Alexey Miller, the Head of the enterprise, stated, that Gazprom forwarded an official notification to Naftogaz about gas contracts termination through the Stockholm Arbitration.
As we reported earlier, after the ruling of the nnounced its intention to terminate gas contracts with Naftogaz Ukraine.
The Arbitration Institute of the Stockholm Chamber of Commerce has granted the lawsuit of Naftogaz as to compensation for the volumes of transit gas that had not been delivered by Gazprom on February 28. According to the decision of the court, Naftogaz got a $4,63 billion compensation for the transit gas that had been agreed on, but not delivered by Gazprom. As a result of two arbitrations in Stockholm, Gazprom is to pay Naftogaz $2,56 billion. The court dismissed the demands of Gazprom that stated that the money hadn’t been paid as it was considered the fines for what they called unlawfully seized by Naftogaz volumes of the transit gas. $526 000 of interest per day will be added to the debt from March 1.
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