Naftogaz Group Chief Commercial Officer Yuriy Vitrenko met with EU Commissioner for Competition Margrethe Vestager in Brussels yesterday on a number of gas market issues.
Mr. Vitrenko provided the Commissioner with a report about the awards recently made by the Stockholm Arbitral Tribunal in two commercial disputes between Naftogaz and Gazprom.
He also informed about Gazprom’s actions following the announcement of the final award which obliged Gazprom, i.a., to pay $2.6 billion to Naftogaz in damages and to resume gas supply to Ukraine on revised terms. At this point, Gazprom refuses to comply with the awards. Given the Russian counterparty’s position, Naftogaz is compelled to start a formal enforcement procedure in Europe and prepares a new claim to recover damages incurred because of Gazprom’s failure to comply with the awards.
In 2017, Naftogaz submitted its observations regarding Gazprom's proposed commitments in the separate antitrust case opened by the Commission against Gazprom in 2012 concerning the EU's Central and Eastern European gas markets. “We regret to say that settling on the announced terms is unlikely to make Gazprom to change its uncompetitive behavior in the affected markets,” noted Vitrenko.
Corporate Communications Department
NJSC Naftogaz of Ukraine