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Fuel and Energy Minister Yuriy Boiko has instructed National JSC Naftogaz Ukrainy to appeal against a ruling by Shevchenkivsky District Court which upheld a Stockholm Arbitration Tribunal decision obliging the state holding to return 11 billion cubic meters of gas Fuel and Energy Minister Yuriy Boiko has instructed National JSC Naftogaz Ukrainy to appeal against a ruling by Shevchenkivsky District Court in Kyiv of August 13, which upheld a Stockholm Arbitration Tribunal decision obliging the state holding to return 11 billion cubic meters of gas to Swiss-registered gas trader RosUkrEnergo AG and pay a fine of 1.1 billion cubic meters of gas.

"Fuel and Energy Minister Yuriy Boiko ordered Naftogaz Ukrainy to prepare a submission concerning an appeal against a ruling by Shevchenkivsky District Court in Kyiv of August 13, 2010 on the decisions of the Arbitration Tribunal under the Arbitration Institute of the Stockholm Chamber of Commerce," reads a statement by the ministry released on Thursday.

As reported, on June 8, 2010, the Stockholm Arbitration Tribunal ordered Naftogaz Ukrainy to return 11 billion cubic meters of gas to Swiss-registered gas trader RosUkrEnergo. In addition, the tribunal ordered that RosUkrEnergo be given by Naftogaz a further 1.1 billion cubic meters of gas in lieu of RosUkrEnergo's entitlement to penalties for breach of contract.


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