Ukraine makes $2 bln in revenue from gas transit


Naftogaz Ukrainy will send to Russia's Gazprom an offer to begin negotiations on revision of the tariff on the transit of natural gas in the near future, Yuriy Vitrenko, chief commercial officer of Naftogaz, said on ZIK television.

"It is important that both Russian Federation and Ukraine reaffirm their respective positions of a reliable supplier and transit country of gas, as was the case over the past years", the EC said.

The row, which is a by-product of broader political tensions between the two countries after Russia's illegal annexation of Crimea and its support for separatists in the conflict in eastern Ukraine, is also threatening to have an impact on gas supplies to the EU.

Russian gas giant Gazprom said on Thursday it would defend its rights after an worldwide arbitration court found in favour of Ukrainian energy firm Naftogaz in the final stage of a long-running legal battle.

A day after Gazprom was due to resume gas deliveries to Ukraine after a almost three-year hiatus, Russia's gas monopolist has thrown down the gauntlet, saying it will cancel its supply contracts to Ukraine's national gas company Naftogaz. "This will improve security of supply and give Ukrainians affordable energy", Kobolyev added.

Gazprom confirmed the ruling and registered its disagreement with the Arbitration Institute of the Stockholm Chamber of Commerce, the state-run RIA Novosti news agency reported.

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"The arbitrators justified their decision by the sharp deterioration in the Ukrainian economy".

Due to an emergency gas shortage, Ukraine's power plants must now use oil instead of gas. However, since 2012, Naftogaz failed to fully intake the contracted volume.

However, following the settelement of residual payments for gas delivered in 2014 and 2015, Gazprom will have to pay $2.56bn in damages to Naftogaz.

The Stockholm court ruled that Gazprom should pay about $ 4.7 bln to Naftogaz (taking into account the satisfied counter claims, Gazprom has to pay $ 2.56 bln). Also, Gazprom must pay 2.56 billion dollars in favor of Naftogaz.

Gazprom, obviously, will challenge the arbitration award.