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Naftogaz ordered to give up 5 billion cubic meters of gas

13:02 24/10/2014

KIEV, October 24 (RAPSI) – A Kiev court on Friday ordered Ukraine’s largest state energy holding Naftogaz to reimburse the gas transit system operator Ukrtransgaz with 4,751 billion cubic meters of gas, UNIAN agency reports citing the court’s statement.

According to the ruling, Ukrtransgaz sued Naftogaz to cover for the gas deficit in the 2014-2015 heating season. Naftogaz started experiencing the deficit in Q4 2007 – Q1 2008.

Naftogaz owned up to the shortage, and asked the court for a five year probation, explaining that it could not cover for a 5 billion cubic meters after Russian monopoly Gazprom ceased transactions in June. On October 9, the court partially granted the Naftogaz motion, ordering the company to reimburse the gas in a two year period.

Naftogaz and Russian state monopoly Gazprom commenced arbitration proceedings against each other under the Stockholm Chamber of Commerce rules in June. Naftogaz claims that it has been overcharged by the Russian company. Gazprom says that Naftogaz failed to pay $4.5 billion for gas that has already been delivered.

Naftogaz Ukraine is Ukraine’s largest vertically integrated oil and gas company. It produces over 97% of oil and gas in the country.

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Naftogaz ordered to give up 5 billion cubic meters of gas

13:02 24/10/2014 Kiev court on Friday ordered Ukraine’s largest state energy holding Naftogaz to reimburse the gas transit system operator Ukrtransgaz with 4,751 billion cubic meters of gas, UNIAN agency reports citing the court’s statement.
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