Naftogaz Ukraine is demanding in Stockholm arbitration court that Russia's Gazprom review gas prices in effect since 2011, the head of the Ukrainian state oil and gas company, Andrei Kobolev said Sept. 11 on Ukraine's Channel 5.
“Since the price review process was begun back in 2011, we have the right to consider that Gazprom should review all prices that were in effect for Ukraine since that time. And this is a position that we have already taken and with which we plan to move forward,” Kobolev said.
He said Naftogaz’s lawsuit against Gazprom exceeds $6 billion, while Gazprom’s countersuit against Naftogaz totals $5 billion. Both figures are not final and might be revised.
He said the preparation of the lawsuits for hearings in court is close to completion.
“We have now completed all formal procedures to start the proceedings. There is now the last element – the appointment of presiding arbitrator, after this the proceedings will begin. The schedule for the first sessions will be set and hearings will begin,” Kobolev said, adding that the hearings in Stockholm will take at least a year.
“As for Ukraine’s position, we believe it looks very strong. If one looks at European countries, even just compare the price at which we now buy gas through reverse supplies – it is far lower than the contract price (of Gazprom for Ukraine), it is far lower than the price on which Gazprom is insisting,” Kobolev said.
