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.
