The cost of gas transit via the territory of Ukraine is understated by about half, Naftogaz says.
NJSC Naftogaz of Ukraine intends to prove in a new arbitration dispute that the company under-received funds due to the abnormally low cost of gas transit via the Ukrainian territory.
Yuriy Vitrenko, who is a Commercial Director at Naftogaz, said on the air of ICTV Monday night.
"The cost of [gas] transit via Ukraine is underestimated by a factor of 2. We are now trying to prove this. Since 2009, we have under-received some $20 billion," Vitrenko said.
Read alsoS&P: Lack of sustainable transit contract poses long-term risk for Gazprom's exports
Naftogaz called such actions by Gazprom a failure to fulfill the court's award and blamed the Russian company for gas shortage in Ukraine's GTS.
Read alsoNaftogaz to close its representative office in Moscow
On March 2, Gazprom announced its intention to terminate all existing contracts with Natfogaz. The Russian company argued that the Stockholm arbitration was allegedly guided by double standards, while the court's decision violated the interests of the parties.
In response, Naftogaz noted that the Ukrainian company did not see any grounds for terminating the gas transit contract.