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Naftogaz to raise claims against Gazprom to almost $24 bln

Naftogaz to raise claims against Gazprom to almost $24 blnNJSC Naftogaz of Ukraine will raise the sum of claims lodged with the Arbitration Institute of the Stockholm Chamber of Commerce against Russia's OAO Gazprom regarding a contract signed in 2009 on gas transit supplies in connection with low amounts of transit, according to Ukrainian online newspaper Ekonomichna Pravda.

"Naftogaz's cash claims against Gazprom at the Arbitration Institute under the gas transit contract are estimated at over $11.7 billion in total. The claims concern the failure to fulfill the terms of the contract before 2015 and will be expanded with due regard for claims of 2015," Naftogaz reported in its annual report.

In keeping with the report, the minimum annual amount of gas to be pumped by Gazprom via Ukraine under the contract should be 110 billion cubic meters, whereas it was 94 billion cubic meters on the average in 2009-2013, and plunged to 62 billion cubic meters in 2014.

"Naftogaz demands the imposition of compensation for the failure to ensure amounts of gas transit, proceeding, among other things, from the fact that the transit tariff depends on the amount of pumped gas," the report said.

Naftogaz's claims against Gazprom at the Arbitration Institution also concern provisions of the contract on gas shipments to Ukraine.

"Naftogaz demands that Gazprom return over $12 billion for Russian gas bought in 2010-2014 at the prices that are higher than actual quotes on the market," Naftogaz said in the report.

Thus, according to the report, Naftogaz's claims against the Russian gas giant may total $23.7 billion.

The previously announced amount of Naftogaz's claims against Gazprom was $16 billion. Yet, the Ukrainian oil and gas producer intended to additionally sue the Russian company for financial losses incurred during Russian gas transit supplies to the European Union member states in 2015.
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