Naftogaz wins arbitrage against Gazprom on gas supply contract in Stockholm arbitration
Naftogaz Ukrainy has announced it has won arbitrage proceedings against Russia's Gazprom on all contested issues in the gas supply contract, the company told Interfax on Friday after receiving the final ruling of the Arbitration Institute of the Stockholm Chamber of Commerce.
Naftogaz said that the arbitrage court fully rejected all of Gazprom's claims with regard to the 'take or pay' condition for $56 billion in 2012-2017, which was the biggest dispute in terms of monetary claims between the two sides.
The Ukrainian side has won on all contested issues. In particular, Naftogaz Ukrainy has succeeded in reducing its future mandatory annual purchases of gas from Gazprom by more than 10 times, in line with the actual needs for gas imports. In addition, the price of gas received by Naftogaz in the 2nd quarter of 2014 was reduced by 27% from $ 485. per thousand cubic meters to 352 dollars per thousand cubic meters.