Gazprom terminates all contracts with Ukraine immediately
- Author: Ryan Wade Mar 04, 2018,
Mar 04, 2018, 3:56
Ukraine has a shortage of natural gas of 10 million cbm per day, and from Saturday it cuts gas consumption by 5-10% for four days due to a lack of supplies from Russian Federation, said the Chief Executive Officer of Naftogaz, Andriy Kobolyev.
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Russian Gazprom said it was starting a procedure for the termination of contracts for the supply and transit of gas with Naftogaz of Ukraine.
Without the Gazprom gas deliveries that had to begin on March 1, Ukraine now has a gas deficit of up to 20 million cubic meters per day, Ukrainian Energy Minister Ihor Nasalyk told Parliament on Friday. "It is important for the Ukrainian people and the future of European gas markets", Andrey Kobolev, chairman of Naftogaz, told reporters. "This will improve security of supply and give Ukrainians affordable energy", Kobolyev added.
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However, the Stockholm arbitration court ruling is being opposed by the Gazprom. The arbitrators ground their decision by the fact that the situation with the Ukrainian economy has drastically worsened. However, since 2012, the cash-strapped Naftogaz cut imports dramatically, leading to a row over the take-or-pay clauses in the deal.
"The award means that Gazprom will have to make payments to Naftogaz in the order of $2.56 billion after residual payments for gas delivered in 2014 and 2015 have been settled", the Ukrainian firm confirmed in a statement late Wednesday. He also said due to lack of gas supplies from Russia Ukraine faced a gas deficit and had to limit fuel consumption in the country since March 6. 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.
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President Petro Poroshenko has stated that Ukraine has sufficient natural gas reserves in its underground storage facilities. Naftogaz demanded that Gazprom should pay $17bn for the failure to supply the agreed volumes for transit. Naftogaz also referred to the negotiations earlier offered to Gazprom on the need to revise the transit tariff from 2010 in accordance with the European rules. Of $17 billion (R202.82bn) claimed by Naftogaz, the court satisfied the claims for $4.673bn.