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The Arbitral Tribunal under the auspices of the Arbitration Institute of the Stockholm Chamber of Commerce (SCC) has rendered today a separate award in the Gas Sales Arbitration between Naftogaz and Gazprom under the Gas Sales Contract of 2009, Naftogaz of Ukraine’s press service reports.
"The tribunal has rejected Gazprom’s “take-or-pay” claim and satisfied Naftogaz claim to make the contract price market-reflective," the company press service said.
Ukraine, represented by Naftogaz, filed a lawsuit against Russian Gazprom with the Stockholm Arbitration claiming violations by the Russian side of two contracts: on the transit of Russian gas to the EU via Ukraine and on the purchase and sale of Russian gas by Ukraine.
In October-December 2016, the Arbitration Institute of the Stockholm Chamber of Commerce held hearings of the gas dispute over the terms of the contract concluded between the companies in 2009.
Read alsoGov't not to allow gas price hikes from Oct - GroysmanOn April 7, Naftogaz CEO Andriy Kobolev said that the latest information on a possible decision, soon to be taken at the Stockholm Arbitration in the Naftogaz suit regarding the gas purchase contract, was rather optimistic for Ukraine. He added that Gazprom was already considering their actions in case they lost the case.
Read alsoNaftogaz to cut gas prices for industry from June 1According to the 2016 financial report by Naftogaz, the company demands $17.9 billion from Gazprom, while the Russian monopoly's claims against Naftogaz amount to $45.7 billion.