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Gazprom: Naftogaz offer do not comply with Arbitration decision

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Alexander Medvedev, Deputy Chairman of the Management Committee of Gazprom, said that Naftogaz offered to adjust the gas contract to the Arbitration’s decision, but its proposals did not correspond with the decision and comprised additional conditions, with which Gazprom disagrees. Interfax-Ukraine reports.
“This is why Gazprom returned money (for the advanced payment for gas supply in March – ed.), so, as they say, do not lay the blame on somebody else,” he said.

Besides, Medvedev emphasized Naftogaz’s claims related to Gazprom’s refusal to supply gas from March 1, regardless of the advanced payment received. According to him, Andriy Kovolyev, the representative of Naftogaz sent a letter to Gazprom with a demand to discuss the final decision on the case concerning the Arbitration’s conditions and parties’ actions towards its fulfillment.
“Obviously, the discussion should lead to the revision of some parts of the contract and to the subscription of the relevant agreement, which allows parties to fulfill their updated obligations.  As to the advanced invoice under the contract, the company is able to perform the payment and start gas drawing after the complete adoption of the contract’s conditions, amid the decision of the Arbitration,” he stated.
Medvedev also commented on gas supply contracts termination.
“As to the termination of gas contracts, I would like to say, that Gazprom not only forwarded a notification to Naftogaz on March 5 about contract termination but also proposed a date to hold a meeting,” Medvedev added.
As we reported earlier, Alexey Miller, the Head of Gazprom, stated, that the company forwarded an official notification to Naftogaz about gas contracts termination through the Stockholm Arbitration. Naftogaz confirmed this information.
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.
As reported earlier, on March 1 Gazprom reported that Naftogaz-Ukraine has made an advance payment for the resumption of Russian gas supplies from March. At the same time, Gazprom refunded the money, stating that this was due to the lack of an agreed addendum to the current contract. Naftogaz called Gazprom's refusal to supply gas a violation of the agreement and failure to comply with the arbitration decision.
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