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The first decision by the Stockholm Arbitration, issued in May 2017 in the dispute between Naftogaz of Ukraine and Russia’s Gazprom over the gas purchase contract canceled the "take or pay" principle and, consequently, overruled Russia’s claims totaling $56 billion, chief commercial officer of Naftogaz, Yuriy Vitrenko, told a press conference in Ukrtransgaz.
"As of May 2017, Gazprom's claim regarding a "take or pay" principle was worth $44 billion. Our position is that the first decision completely canceled these claims. That is, zero instead of $44 billion," he said.
Vitrenko added that, had this decision not been handed down, or according to Gazprom’s position of not considering this decision a final one, the Russian monopoly’s demands on a "take or pay" principle for 2016 would amount to an additional $12 billion.
"$44 bln plus $12 bln is $56 billion for take or pay alone," said the Naftogaz top manager.
According to Vitrenko, Gazprom also has a requirement that Naftogaz pay for gas, which was delivered to Ukraine in the second quarter of 2014.
"Therefore, the question of the gas price in the second quarter of 2014 is the most important one for us. We were paying at an interim price of $268.5 per 1,000 cubic meters, while the contract price was $485 per 1,000 cubic meters... The size of this demand with interest, as of December 2017, amounts to $3.2 billion," he said, adding that Gazprom's total demands to Naftogaz in the gas purchase contract case are at $59.2 billion.
Read alsoStockholm arbitration: Naftogaz expects to receive from Gazprom billions of dollars in compensation
According to Naftogaz, as of May 29, 2017, the amount of Naftogaz's claims against Gazprom under the contract for the purchase of gas is $30.3 billion, and on the part of Gazprom to Naftogaz it is $47.1 billion.
On May 31, the Stockholm arbitration granted the Ukrainian company’s demand to review the price in the gas purchase contract signed with Gazprom in 2009 for gas purchases starting 2014, canceled Ukraine's commitment to buy 52 billion cubic meters of gas annually or pay its cost (the "take or pay" principle), and also completely canceled Gazprom’s ban on gas re-exports.