Naftogaz claims $2.56bn win

by Antonio Miles March 3, 2018, 0:32
Naftogaz claims $2.56bn win

Ukraine's state-run energy company Naftogaz welcomed the favorable ruling of the Stockholm arbitration court on Thursday over Ukraine's gas transit dispute with Russian Federation.

These flows are expected to drop again after Gazprom brings its 55 Bcm/year Nord Stream 2 gas pipeline online around the end of 2019 or early in 2020.

A four-year dispute over gas deliveries between Russian and Ukrainian energy giants ended in a court ruling on Wednesday, only to spark new disagreements.

The European Union is ready to mediate in the latest natural-gas dispute between Ukraine and Russian Federation, with European Commission Vice President Maros Sefcovic expected to contact the energy ministers of the two countries this afternoon. The interest rate for late payment is being calculated, it exceeds $500 000.

In the first trial - under the gas supply contract - the court took a compromise solution. The reason the volumes of contractual gas has been reduced to such a small amount is the take-or-pay provisions remain in place, but apply to only this vastly reduced volume of gas.

Chicago Bulls not likely to see Jimmy Butler Saturday after scary injury
PACERS 116, HAWKS 93 Thaddeus Young scored 16 of his 20 points in the first half, and in never trailed in a runaway victory. After missing a short jump shot, Butler grabbed an offensive rebound before pivoting and landing hard on his right foot.

This award becomes around $2.56 billion after taking into account residual payments Ukraine must make to Gazprom for gas delivered in 2014 and 2015. Transit of Russian gas jumped by nearly 14 percent to 93.5 bcm via Ukraine. Of $17 billion (R202.82bn) claimed by Naftogaz, the court satisfied the claims for $4.673bn.

"Naftogaz succeeded on its claim for damages for under-delivery in Transit Arbitration with Gazprom".

Naftogaz CEO Andriy Kobolyev said: "The money should be spent on increasing gas production inside Ukraine and on investment in improved energy efficiency at the level of consumers in Ukraine".

However, Gazprom does not agree with the decision of the Stockholm Arbitration to pay compensation to Naftogaz.

The Naftogaz head noted that the company expects to receive the sum of $2.56bn from Gazprom as soon as possible.

TOP News

Rain Moves Out Sunday, But More Is Coming For The Week Ahead
It appears rain chances will start to go back up after 8 PM west of highway 49, then gradually increases eastward overnight. The main threat with this system will be strong winds and heavy rain, but a spin up tornado or two can not be ruled out.

UK, Ireland in grip of 'Beast from the East'
Although the weather is reaping infrastructural havoc, the images of Europe's most iconic monuments in the snow are stunning . Roads were blocked, dozens of flight cancelled or delayed, and schools stayed shut in most European cities and towns.

Jan Vertonghen can play until he is 40, says Mauricio Pochettino
It's unbelievable and it's only up to him to play until he is 40-year-old because his condition is genetic. Daniel Levy, the chairman, is refusing to sanction such an outlay on a player who turns 29 next week.

Australia: Barnaby Joyce to resign as Deputy PM
The allegation, he told the press on Friday , was the "straw that breaks the camel's back". "Let's just do the presser", he said. Joyce had done his best to ride out the storm, but a "litany of allegations" against him continued to emerge .

Paul Pogba's Agent Accused Of "Meddling" With United's Team Selection
The last time the two teams met, Chelsea had take a 1-0 victory with Alvaro Morata scoring from a header. Defender Gabriel Mercado added that they would be working on ways to break down De Gea at Old Trafford.

Saquon Barkley had a ridiculous, 41-inch vertical jump at National Football League combine
Running backs like Saquon Barkley and Nick Chubb put up ridiculously impressive totals in the bench press yesterday. The Browns might have the best shot at grabbing this particular difference maker with picks at No. 1 and No. 4.

Ledecka gets second Olympic gold, this time in snowboarding
Ledecka who started her quest for gold , racing from 26th place in the super-G, stunned the crowd crowd to win by 0.01 seconds. But she confessed it had not been easy to deal with the pressure of having so many great expectations on her shoulders.

Lower tax rate fuels record profit for Buffett's Berkshire
Buffett's yearly check-in with his company's shareholders is a closely watched event on Wall Street and Main Street. The S&P 500 won handily, posting average annual gains of 8.5%, topping all five hedge fund products handily.

MWC 2018: Asus introduces ZenFone 5Z, ZenFone 5 and ZenFone 5 Lite
The Asus ZenFone 5 is powered by a Snapdragon 636 processor with eight 14nm cores, two of which are Qualcomm's custom Kryo cores. The secondary sensor includes an 8-megapixel sensor coupled with an f/2.2 aperture and a 120-degree wide-angle lens.

Iraq sentences 16 Turkish women to death for joining Isis
The Iraqi Criminal Court yesterday sentenced 15 Turkish women to death for belonging to Daesh. He added, "This also applies to foreign women of ISIS militants".