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 Naftohaz levies $9M from Gazprom's overpayments for gas transit as debt service coverage

Ukraine's state-run Naftohaz gas and oil company has credited $9 million of overpayment for transit services through the territory of Ukraine by Gazprom (Russia) as payment of a penalty that has accumulated due to the Russian monopoly failing to implement the Stockholm arbitration award.

"Today Naftohaz has sent Gazprom a statement on crediting the overpayment for the transit of gas to repay the penalty the Russian monopoly is bound to pay according to the arbitration award on the transit contract of Feb. 28, 2018," Naftohaz press service said in a statement, Censor.NET reports citing UNIAN.

According to Naftohaz, on Dec. 22, 2017, the Stockholm Arbitration revised the gas pricing formula for a gas supply contract, thus reducing its cost, which automatically led to a reduction in the cost of services and the total cost of gas transit services provided by Naftohaz. "By consistently refusing to comply with the decision of the Stockholm arbitration, Gazprom in 2018 continues to pay a higher price for transit than Naftohaz, which calculates the tariff in accordance with the decision of the arbitration, has set," added the press service.

Thus, Naftohaz credited more than $9 million of overpayment for transit services provided in August as a payment as part of the execution of the award.

As reported, Yurii Vitrenko, Chief Commercial Officer of NAC Naftogaz of Ukraine, said in late September that due to Gazprom's reluctance to supply gas to Naftohaz Ukrainy from March 2018 at a price determined by the decision of the Stockholm Arbitration, Naftohaz, buying gas on the European market, suffered more than $110 million in losses that Gazprom would have to compensate for the Ukrainian side. At the end of February 2018, Gazprom lost a lawsuit against Naftogaz in the Stockholm arbitration on a transit contract, according to which the Russian company must pay the Ukrainian side $4.6 billion. At the same time, taking into account the decision of the arbitration on the gas supply contract, final amount of settlements between the companies amounts to $2.6 billion in favor of Naftohaz.

Against the background of their loss, Gazprom announced its intention to terminate in court the contract with Ukraine for the supply and transit of gas. On March 20, Gazprom officially notified Naftohaz that it refuses to execute the arbitration decision. At the end of May, Naftohaz Ukrainy began the process of forced collection from Gazprom of a $2.6 billion debt in foreign courts. Trials for the arrest of Gazprom’s assets are taking place in the UK, Switzerland, and the Netherlands. Among the assets of interest to the Ukrainian side are the shares of the companies-operators of the Nord Stream-1 and Nord Stream-2 gas pipelines.

Источник: https://censor.net.ua/en/n3090662