Ukrainian Naftogaz was $ 4 billion by decision of the Stockholm arbitration

The Stockholm Arbitration Court ordered the Ukrainian gas transmission company Naftogaz to fulfill the terms of the contract with the Italian enterprise Italia Ukraine GAS and transfer 13 billion 100 million cubic meters of natural gas at the prices of 2003, namely 110 dollars for one thousand cubic meters while it costs at least $ 416.

The publication "Kommersant-Ukraine" announced today the decision of the Stockholm arbitration for NV 007/2008 adopted on December 19, 2012. In accordance with the order of the court, NAC Naftogaz Ukraine is obliged to fulfill the terms of the agreement with the Italian company Italia Ukraine Gas (IUGAS) reached on December 24, 2003 and sell it 13 billion 100 million cubic meters of gas at a price of 110 dollars per 1 thousand cubic meters. For reference: this year, Naftogaz buys natural fuel from Gaprom at a price of $ 416 per thousand cubic meters, that is, the execution of a court decision threatens the Ukrainian monopoly with huge losses in the amount of 3 billion 900 million dollars. The court also ordered Naftogaz to pay a penalty to the Italian gas transmission in the amount of 12 million 700 thousand dollars for untimely delivery.

In 2010, NAC Naftogaz Ukraine lost the first process in this case, but then the decision was much softer - NAC had to reimburse about $ 200 million losses. In Naftogaz, they decided to appeal this decision, and the result of a new consideration was the loss of the Ukrainian monopolist in December last year.

The contract between IUGAS and Naftogaz of Ukraine was signed in Kyiv by Deputy Chairman of the Board of NAC Igor Voronin and the authorized Italian company Andrea Miloma. It was planned that the gas will be supplied from January 1 to December 31, 2013 in the amount of 1 billion 300 million cubic meters per year on the terms of delivery to the Big Kapushany item on the Ukrainian-Slovak border where the corresponding fake . In those happy times for Ukraine, Naftogaz received Turkmen gas at $ 50 per thousand cubic meters, and expected to earn about $ 780 million a year on these deliveries.

According to the materials of the court, in 2004-2005, gas supply was not supplied under the contract. This is explained by the fact that Iugas did not conclude an agreement with the Slovak gas transmission company SPP for its transportation. Such an agreement appeared only in 2006, when Gazprom has bought the entire volume of Turkmen gas, depriving Ukraine with the possibility of its purchase. Rosukrenergo began to import all the gas into the country (at that time 50% belonged to Gazprom, 45% - Dmitry Firtash, 5% - Ivan Fursin), and sold it through Ukrgaz -Energo, which made it impossible to fulfill the agreement with Italians.

Officially, Iugas and Naftogaz are not commented on by the court decision. But a source in NAC said that the monopoly is not going to perform