• 8 hours PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 10 hours Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 12 hours Syrian Rebels Relinquish Control Of Major Gas Field
  • 13 hours Schlumberger Warns Of Moderating Investment In North America
  • 14 hours Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 15 hours Energy Regulators Look To Guard Grid From Cyberattacks
  • 16 hours Mexico Says OPEC Has Not Approached It For Deal Extension
  • 18 hours New Video Game Targets Oil Infrastructure
  • 19 hours Shell Restarts Bonny Light Exports
  • 20 hours Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 1 day Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 1 day British Utility Companies Brace For Major Reforms
  • 1 day Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 2 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 2 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 2 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 2 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 2 days Rosneft Signs $400M Deal With Kurdistan
  • 2 days Kinder Morgan Warns About Trans Mountain Delays
  • 2 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 2 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 2 days Russia, Saudis Team Up To Boost Fracking Tech
  • 3 days Conflicting News Spurs Doubt On Aramco IPO
  • 3 days Exxon Starts Production At New Refinery In Texas
  • 3 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 4 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 4 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 4 days China To Take 5% Of Rosneft’s Output In New Deal
  • 4 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 4 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 4 days VW Fails To Secure Critical Commodity For EVs
  • 4 days Enbridge Pipeline Expansion Finally Approved
  • 4 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 4 days OPEC Oil Deal Compliance Falls To 86%
  • 4 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 5 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 5 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 5 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 5 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 5 days Aramco Says No Plans To Shelve IPO
5 Players To Watch In The FinTech Revolution

5 Players To Watch In The FinTech Revolution

Artificial Intelligence and Blockchain tech…

OPEC Looks To Permanently Expand The Cartel

OPEC Looks To Permanently Expand The Cartel

OPEC Secretary General Mohamed Barkindo…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Ukraine Supreme Court Upholds $3.4 Billion Gazprom Fine

Pipeline

The highest court of Ukraine rejected a claim filed by the Russian firm Gazprom, which challenged an anti-trust ruling made by the Anti-Monopoly Committee of Ukraine (AMU) this week.

The Supreme Court upheld a decision by the committee to fine the gas giant $3.4 billion for abusing its dominant position in Ukraine’s gas transit market.

“Having considered the grounds set forth in the claim [submitted by Gazprom] and analyzed the materials attached to it, the panel of judges finds the claim groundless," court documents say.

The Ukrainian government backed the AMU’s ruling, which stood in line with related charges filed by the European Commission against the same company for taking undue advantage of its market power in Central and Eastern European countries, violating the European Union's antitrust regulations.

Gazprom lost an appeal in the Supreme Economic Court of Ukraine in July. At the time, the $52 billion company described the ruling as a “great surprise.”

“This decision can only be seen as an attempt to put pressure on Gazprom in the higher courts,” the company said in a statement after the decision went public.

Ukraine has been mitigating Russian influence in Kiev by building new energy partners in Europe over the past two years.
Direct Russian gas exports to Ukraine fell from 14.5 to 6.1 billion cubic meters in 2015, or some 58 percent.
EU gas consumption is lower than expected, but rising. Conversely, EU gas production is experiencing marked declines. Norwegian output is expected to shrink some 7 percent following record output in 2015.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Baldur Dasche on September 22 2016 said:
    That ruling is roughly what Russia is claiming Ukraine owes them as the debt incurred by Yanukovich! And it should provide the Ukrainian economy with a triply larger shot in the arm than the recently-announced billion dollars of dignity from the IMF.

    So, get ready! The Russians will be sending truckloads of money - not Roubles puh-leese - and Ukrainia can buy some real weapons. Don't mistake it for another invasion and, 'No stealing!'

Leave a comment

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