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Gazprom and Naftogaz start gas contracts termination negotiations

March 28/ 10:16

Moscow. Gazprom and Naftogaz of Ukraine started talks on termination of gas supply and transit contracts, Deputy CEO of the Russian holding Alexander Medvedev told reporters on Tuesday.

"Indeed, the meeting between Gazprom and Naftogaz of Ukraine took place last week. The negotiation process started within the framework of the procedure for termination of gas supply and transit contracts. Furthermore, Gazprom notified Naftogaz one again that it will dispute the decision of the Stockholm Arbitration in the transit contract. The appeal in that case will be filed by end of March," Medvedev said TASS.

Gazprom filed an application to the Svea Court of Appeal in Sweden, requesting partial reversal of the final decision of the court in arbitration proceedings with Naftogaz of Ukraine regarding gas supplies, the Russian gas holding said on March 22.

Gazprom filed an application to the Svea Court of Appeal on November 7, 2017, disputing a separate decision in arbitration proceedings with Naftogaz on gas supplies and requesting its partial cancellation. Gazprom plans to appeal against the court decision on the transit contract by end of March.

Gazprom and Naftogaz have been in dispute over gas prices and gas transit tariffs since 2014.

Earlier this year the Stockholm Arbitration Institute court ruled that Gazprom should pay about $ 4.7 bln to Naftogaz (taking into account the satisfied counter claims, Gazprom has to pay $ 2.56 bln).

Gazprom disagreed with the decision of the Stockholm Arbitration Institute and announced that it would immediately start the procedure for the termination of gas contracts with Naftogaz.

Gazprom CEO Alexei Miller said that the Stockholm arbitration made an asymmetric decision on contracts with Naftogaz of Ukraine regarding supply and transit of gas. Termination of contracts with Naftogaz of Ukraine may take 1.5-2 years, he said earlier.

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