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News // Incidental

Ukraine’s Naftogaz demand $2.6 bln from Russia for Crimean assets

19 October 2016 , 14:03Neftegaz.RU610

Naftogaz and its 6 subsidiaries have filed a claim with commercial court demanding to recover $2.6 billion in damages from Russia for their lost assets in Crimea, reported Naftogaz on October 19, 2016.

 

According to the state holding, the matter concerns the property of Naftogaz, Chornomornaftogaz, Ukrtransgaz, Ukrgazvydobuvannia, Ukrtransnafta, Gaz Ukrainy and Likvo.

«Naftogaz has initiated proceedings in accordance with the agreement between the Cabinet of Ministers of Ukraine and the government of the Russian Federation on promotion and mutual protection of investments. Naftogaz preliminarily estimated the damage to the group at $2.6 billion, » the report reads. «In Crimea Naftogaz had several valuable energy assets, the seizure of which by the Russian side violates the bilateral investment agreement, which requires the Russian Federation to respect and protect Ukrainian assets, including those located in Crimea».

 

According to Naftogaz's financial statements for 2015, Naftogaz group, namely its subsidiary Chornomornaftogaz, lost about 2 billion cubic meters of natural gas annually.
Chornomornaftogaz owned 18 hydrocarbons fields, four jack-up rigs, 24 floating facilities, and used the gas transport system consisting of over 1,196 km of main pipelines, including 286 km of the offshore pipeline, and other assets.
 

Crimea reunited with Russia following a referendum in March 2014. Over 96% of those who took part in the polls voted for joining Russia.

 

Naftogaz is already in arbitration proceedings against Gazprom over a take-or-pay dispute for which it expects to hear a decision by March 2017; oral hearings on that case concluded in Stockholm a week ago. The post-hearing brief, when both sides submit their summaries, is expected in November and at the end of that month, hearings begin into the transit contract between the two sides. Naftogaz claims Gazprom is not shipping as much gas as had been agreed.

 

To read this news in Russian.

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