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Stockholm arbitration rules in favor of RosUkrEnergo

Author: Interfax-Ukraine All articles by this author

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Jun. 09, 2010 11:51
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Ukrainian Fuel and Energy Minister Yuriy Boiko: Ukraine will not simply give RosUkrEnergo 11 billion cubic meters of gas
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The Arbitration Institute of the Chamber of Commerce in Stockholm has upheld the validity of RosUkrEnergo AG's position in its dispute with Naftogaz Ukrainy, but only in commodity - not monetary - terms, RosUkrEnergo told Interfax.
RosUkrEnergo accused Ukrainian national oil and gas company Naftogaz Ukrainy of stealing 11 billion cubic meters of gas from it. RosUkrEnergo subsequently filed its case in Stockholm arbitration.

"International arbitration's examination into the suit resulted in a rejection of RUE's monetary claim but it nonetheless acknowledges the validity of RUE's position and obligates Naftogaz Ukrainy to return the 11 billion cubic meters of gas to RUE that it took illegally," the RosUkrEnergo official said.

"In addition, in connection with Naftogaz Ukrainy's illegal actions, international arbitration has ordered it to pay RosUkrEnergo 1.1 billion cubic meters of gas in commodity form in penalties, as stipulated in the contract," RosUkrEnergo said.
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