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 Arbitration court to determine eligibility of Gazprom claims, - Naftohaz

Naftohaz of Ukraine considers the "take or pay" provision to be not market based, invalid and inapplicable as set out in the gas supply contract with the Russian Gazprom.

Censor.NET reports citing the statement published on the official website of Naftohaz of Ukraine.

Naftohaz disputes the validity of this clause in the arbitration proceedings involving both companies in the Arbitration Institute of the Stockholm Chamber of Commerce.

Therefore, the validity of any claims regarding the "take or pay" clause will be determined by the tribunal.

According to Naftohaz, as of today, the total value of claims filed by Gazprom in relation to the "take-or-pay" clause constitutes USD 26.7 billion and covers the period from 2012 to 2014. In addition, Gazprom has proposed Naftohaz to pay USD 2.5 billion for 3Q 2015 referring to the same clause.

Read more: Gazprom demands $2.5 billion from Naftohaz for unused gas
 
 
 
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