Gazprom’s claim against Naftogaz amounts to nearly $24 bln

Russian gas monopoly Gazprom has appealed to the Arbitration Institute of the Stockholm Chamber of Commerce, demanding $23.837 billion from Naftogaz Ukrainy for discrepancies between actual and contracted gas volumes Ukraine consumed in 2012, as well as underpayment for the supply of gas in 2014, as claimed by the Russian company.

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This is stated in the consolidated financial statements of Naftogaz Ukrainy for 2014, which were audited by Deloitte & Touche.

According to the document, Gazprom’s claims are set forth in two lawsuits against Naftogaz Ukrainy. In particular, the first lawsuit was filed by Gazprom in the Stockholm arbitration court in summer 2014 seeking to collect $4.5 billion in debts for gas from Naftogaz. At the same time, the Ukrainian side does not recognize the existence of the debt, saying it comes from unfairly inflated prices for Russian natural gas.

"In November and December 2014 the company (Naftogaz) paid $3.1 billion to Gazprom for the delivered natural gas, which the company considers was the total amount of the obligation," it is stated in the company’s financial statements.

The second part of Gazprom’s claim - worth of $19.337 billion according to the Russian company - was included in the lawsuit as of November 19. Gazprom is seeking to collect $837 million from Naftogaz for supplies of natural gas in June 2014 and $18.5 billion in arrears for contracted gas volumes supplied in 2012-2013, which were not delivered by Gazprom but are subject to payment under the "take-or-pay" principle.

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