Stockholm arbitration sided with Gazprom and ordered the Ukrainian “Naftogaz” to pay the Russian company more than two billion dollars for the delivered fuel. The trial, which lasted from June of 2014 finally came to an end. However, there are certain fears that even the decision of the Swedish court will not affect the policy of Ukraine.
We will remind, dispute between the Ukrainian and Russian gas companies were the contracts for the supply of “blue fuel” to Ukraine and its transit. “Gazprom” accused the opponent in bad faith execution of contracts by the formula “take and pay”. As a result of violations of the agreements on the Ukrainian company was imposed a fine that was never paid. “Naftogaz” in response rebuked by Gazprom at inflated prices, and demanded reimbursement of the overpayment and the reduction of interest rates for transit.
In the end, the court again supported the “Gazprom” obliged “Naftogaz of Ukraine” to pay arrears in the amount of 2,019 billion. In addition, the Ukrainian side has appointed a penalty in amount of 0.03% of the outstanding amount for each day of delay, starting from December 22. 2 billion is not a small amount — 600 thousand dollars a day. Although the debtor is a Ukrainian company, but this did not prevent them to report about the victory in court. In Ukraine even managed to calculate the benefits from the decisions of the Swedish arbitration, assessing it $ 75 billion.
According to the expert of Institute of energy strategy (Ukraine) Yuriy KOROLCHUK, the conflicting parties will not challenge the court”s decision.
“On the situation with the court, for me it is abundantly clear that the first part of the court, “sales” gas, “Naftogaz” has suffered a financial loss, which has a specific dimension. “Naftogaz” demanded 14 billion dollars in compensation for overpayment in the cost of gas in 2010-2015. The court completely rejected the claim and confirmed that Ukraine was paying a reasonable price for gas in that period. As you know the price was 350-400 dollars per 1,000 cubic meters. Second, Naftogaz demanded that the price of gas in the 4th quarter of 2014 and early 2015 was $ 266. This is the price to pay the debt for gas in 2014, but the court determined the price of 352 USD. . And the court ruled that Naftogaz should pay $ 2 billion. That figure is the exact amount of financial destruction “Naftogaz”. I would also add that for three years buying reverse gas, “Naftogaz” has paid about $ 1 billion. It can also be attributed to losses,” — said the expert.
Truth be told, just say who has lost and who has won hard to say, as part of the requirements of “Naftogaz” was satisfied. Ukrainian company wanted to change the formula for calculating the price that the court did, but what the final terms, the parties do not disclose. Yuriy Korolchuk believes that we are talking about the price of gas “hub” in EU, but cheaper than 30-40 dollars at the expense of delivery. However, this is not the only point on which the court took the side of Kiev.
“Success for “Naftogaz” can be considered that the volume of take-or-pay is set at 5 billion cubic meters, which is 8 times less than the mandatory minimum selection before (41 billion). But here the court took into account that the economy just fell so hard that large volumes are not wanted here — says Korolchuk. — It is unlikely that the parties will appeal this decision. The behavior of Gazprom shows that the company minimizes its relations with “Naftogaz” and just wants to wait until 2018-2019, and then do not know who and on what terms to supply gas to Ukraine. The Ukrainian market after economic decline and political change became unprofitable for “Gazprom”. With regard to the payment of a $ 2 billion – it will be hard to do now at one point, but there is a lot of interest, therefore, cannot be deferred. It may be possible to pull, began to collect the money closer to spring-summer. In any case, it will Finance the budget. However, it is the first phase of the trial. The second LNG terminal is still ahead.”
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