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Ukraine's Naftogaz confirms receipt of $2.9 bil court award from Gazprom

Highlights

Payment part of broader talks on gas transit

Parties still negotiating gas transit contract

Russia to ship at least 65 Bcm via Ukraine in 2020

  • Author
  • Alexander Bor
  • Editor
  • Jonathan Loades Carter
  • Commodity
  • Natural Gas

Kiev — Ukraine gas company Naftogaz Ukrayiny confirmed Friday receipt of a $2.918 billion payment from Russia's Gazprom awarded under a Stockholm court ruling last year.

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The payment, which includes principal and late payment fees, is part of a broader agreement allowing Russia to continue gas shipments to Europe via Ukraine during the next five years.

"Today's payment from Gazprom includes previously unpaid compensation of $2.56 billion, as well as late fees that have accumulated since the award was announced on February 28, 2018," Naftogaz said.

"Naftogaz welcomes the admittance by the Russian party that it is necessary to comply with the arbitration court rulings of 2017 and 2018, as well as its intention to continue transporting gas to the EU via the territory of Ukraine," Naftogaz said.

Ukrainian and Russian energy ministers agreed a new transit deal in principle December 20. A detailed contract is yet to be negotiated by Gazprom and OGTS, Ukraine's recently created gas shipper, which is to replace Naftogaz in the agreement.

Russia has agreed to ship at least 65 Bcm of gas via Ukraine in 2020 and at least 40 Bcm/year in 2021-2024, according to Ukrainian energy minister Oleksiy Orzhel.

Ukraine is a key transit country for Russian gas to Europe, with some 87 Bcm sent via Ukraine in 2018. The volumes are set to decline once the planned Nord Stream 2 and TurkStream gas pipelines come online.

--Alexander Bor, newsdesk@spglobal.com

--Edited by Jonathan Loades-Carter, jonathan.carter@spglobal.com