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CEO of national joint-stock company Naftogaz of Ukraine Andriy Kobolev has announced his company and the Russian gas monopoly Gazprom have completed negotiations regarding the decision the Arbitration Institute of the Stockholm Chamber of Commerce took after the consideration of a dispute between the two companies over a contract for the purchase of gas in 2009-2019.
"We've held negotiations with Gazprom on the gas purchase contract. They ended not long ago, and their results will be presented to the tribunal to get the final decision regarding a new formula [used to calculate the price of Russian gas for Ukraine] and some other aspects of further work with this company," Kobolev said on TV.
Read alsoNaftogaz speaks out for European partner in Ukraine's gas transport systemResponding to a clarifying question from journalists about the outcome of the talks, Kobolev said that during the negotiations, the companies had failed to achieve the progress that the tribunal hoped for.
As UNIAN reported earlier, Naftogaz on May 31, 2017, received a separate ruling of the Arbitration Institute of the Stockholm Chamber of Commerce in the framework of a lawsuit filed by the Ukrainian company against Russia's gas monopoly Gazprom related to the gas purchase contract.
The Arbitration Institute satisfied Naftogaz's claim to review the price under the 2009 gas purchase contract with Gazprom retroactively from 2014, taking into account market conditions.
Also, there was a separate ruling to cancel Gazprom's "take-or-pay" rule, according to which Ukraine was either to buy 52 billion cubic meters of gas every year or pay the price of it even if not the entire contracted volume was bought. In addition, Gazprom's ban on gas resale was lifted.
UNIAN memo. The Arbitration Institute of the Stockholm Chamber of Commerce has been considering the claims filed by Naftogaz on behalf of Ukraine against Russia's Gazprom regarding the transit of Russian gas to the EU through Ukraine and the purchase of Russian gas by Ukraine.
According to Naftogaz, the amount of its claims against Gazprom under the gas purchase contract was $30.3 billion as of May 29, 2017, of which $14.1 billion was required for revision of the price for gas consumed by Ukraine in 2011-2015. Those from Gazprom against Naftogaz totaled $47.1 billion, of which $34.45 billion was related to Gazprom's "take-or-pay" sanction.