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Naftogaz, Russia's Gazprom fail to reach progress in gas price formula

11 September 2017461
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National joint-stock company Naftogaz Ukrainy and Russia's Gazprom would receive final decisions on the gas price formula in the Arbitration Institute of the Stockholm Chamber of Commerce, Naftogaz Head Andriy Kobolev has said.

"Under the request of the tribunal we held talks with Gazprom on the gas purchase and sale contract. We recently finished them and we are going to the tribunal to receive the final decision on the new formula and some other aspects of future cooperation with this company," he said on Channel 5 TV last week.

"I would say it carefully: we have not reached the progress the tribunal counted on," he said.

As reported, Naftogaz Ukrainy and Gazprom on May 31, 2017 received the separate award of the tribunal in the gas supply case. The tribunal gave Naftogaz a right to demand a reduction in the gas price under a contract with the Russian monopolist based on market conditions, and also canceled the requirements of Gazprom to NJSC Naftogaz Ukrainy based on the principle "take or pay" and completely canceled the ban on Ukraine's re-export of gas.

The Arbitration Institute of the Stockholm Chamber of Commerce will issue its final verdict in the dispute between Naftogaz and Gazprom over their gas supply contract of 2009 no later than November 30, 2017.

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