• 6 minutes WTI @ 67.50, charts show $62.50 next
  • 11 minutes Saudi Fund Wants to Take Tesla Private?
  • 17 minutes Why hydrogen economics is does not work
  • 4 hours Starvation, horror in Venezuela
  • 3 mins The EU Loses The Principles On Which It Was Built
  • 39 mins Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 3 hours Crude Price going to $62.50
  • 4 hours WSJ *still* refuses to acknowledge U.S. Shale Oil industry's horrible economics and debts
  • 20 hours Anyone Worried About the Lira Dragging EVERYTHING Else Down?
  • 13 hours Chinese EV Startup Nio Files for $1.8 billion IPO
  • 24 hours Oil prices---Tug of War: Sanctions vs. Trade War
  • 1 day Correlation does not equal causation, but they do tend to tango on occasion
  • 1 day WTI @ 69.33 headed for $70s - $80s end of August
  • 24 hours Russia retaliate: Our Response to U.S. Sanctions Will Be Precise And Painful
  • 1 day California Solar Mandate Based on False Facts
  • 1 day Monsanto hit by $289 Million for cancerous weedkiller
Is This A Game Changer For Drones?

Is This A Game Changer For Drones?

Fuel cell technology could significantly…

Ukraine, Russia In Fresh Gas Dispute As Gazprom Withholds Restart Of Supplies

Natural gas pipeline

Just hours after an arbitration court ruled in favor of Naftogaz in a long-running payment dispute between the Ukrainian state company and Russia’s Gazprom, a fresh gas dispute flared up on Thursday after Naftogaz said that Gazprom had not stood by its commitment to resume gas supplies, forcing Ukraine to reduce gas usage amid Arctic temperatures as the ‘Beast from the East’ freezing weather front sweeps across Europe.

The new rift comes after years of bitter disputes between the gas companies of Russia and Ukraine, exacerbated by the 2014 Russian annexation of Crimea.

“Naftogaz is surprised to learn of Gazprom’s decision not to supply gas to Ukraine in March. Naftogaz has already provided full prepayment for deliveries in line with an invoice received from Gazprom under the terms of the supply contract amended by the Stockholm Arbitral Tribunal,” the Ukrainian company said in a statement on Thursday. On Twitter, the company went further to say that “Restarting purchases from @GazpromEN after 825 days of standby proved tricky. Alarmingly unreliable conduct of the Russian supplier.”

Yesterday, the Stockholm arbitration court ruled in favor of Naftogaz in the payment dispute with Gazprom, ordering the Russian company to pay Naftogaz US$2.56 billion for failing to supply Ukraine with the agreed amount of natural gas over a period of several years and also for failing to pay the full transit fees for the gas it did pump in that direction.

Related: The Endless Opportunities For U.S. Oil Exports

Gazprom’s CEO Alexander Medvedev said the company had received payment from the Ukrainian company for gas to be pumped its way this month, but had returned it. The reason is that the two companies have yet to sign a supplement to their original contract reflecting the court’s ruling.

“Naftogaz will demand that Gazprom provides compensation for the damage caused by this violation,” the Ukrainian company said today.

To cope with the lack of Russian supplies in freezing temperatures, Naftogaz said that it would cut short-term consumption and buy additional supplies from Europe.

Gazprom, for its part, expressed today its disagreement with the Stockholm arbitration ruling and said that “Gazprom will defend its rights through all means available under applicable legislation.”

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News