Arbitration court in Stockholm abolished Gazprom’s demands for Ukrainian oil and gas company Naftogaz over the contact with the condition “take or pay”.
At the same time, the Stockholm tribunal satisfied Naftogaz’s demand to revise the price in the gas supply contract with Gazprom taking into account market conditions. Also, according to Deputy Foreign Minister of Ukraine Yelena Zerkal, the tribunal satisfied the demand of the Ukrainian side and completely abolished the ban on gas re-export.
“The decision of the Stockholm Arbitration Institute provides answers to legal questions in the dispute over the gas supply contract between Naftogaz and Gazprom in 2009. Their position on key issues was as follows: 1) the “take or pay” condition (the major part of Gazprom’s financial claims) was canceled completely; 2) the prohibition of re-export was abolished completely; 3) the price formula has been revised since 2014. This is an unequivocal victory. Eurointegration is in force,” she said.
According to her, Ukraine’s interest in this matter lies in the fact that gas supplies to Ukraine are based on the European principles and rules for the functioning of the gas market, as required by national legislation, the provisions of the Treaty on the Establishment of the Energy Community, and the Association Agreement between Ukraine and the EU.
“The only company that aggressively opposes this is Gazprom,” Zerkal added.
Gazprom confirmed receiving of the arbitration decision in Stockholm.