Latest news with #SergiiKoretskyi
Reuters
4 days ago
- Business
- Reuters
Ukraine's Naftogaz launches new gas exploration well
July 8 (Reuters) - Ukrainian state energy firm Naftogaz has launched a new natural gas exploration well through subsidiary Ukrgasvydobuvannya with a daily output of 383,000 cubic meters, the company said on Tuesday. Naftogaz produces the lion's share of Ukrainian gas, but its production facilities were severely damaged in a series of Russian missile strikes earlier this year, reducing production by as much as 40%. The company has also signed deals to buy U.S. LNG from Poland's Orlen ( opens new tab, as Ukraine needs to import large volumes of gas ahead of the 2025/26 heating season after Russian shelling left its storage sites almost empty. "Step by step, we're building up domestic production and reinforcing Ukraine's energy resilience," Naftogaz CEO Sergii Koretskyi said in a statement.
Yahoo
26-06-2025
- Business
- Yahoo
Naftogaz wins $1.3bn arbitration against Gazprom
The international arbitration tribunal in Zurich, Switzerland, has ordered Russia's Gazprom to pay $1.37bn (Rbs101.88bn) in unpaid gas transit organisation fees and interest to Ukraine's national oil and gas operator Naftogaz. The final award following international arbitration was received by Naftogaz on 20 June 2025. The international arbitration tribunal determined that Gazprom had breached its contractual obligations to Naftogaz since May 2022 by halting payments, in violation of the "take or pay" principle outlined in the transit agreement between the two parties. Naftogaz commenced the arbitration proceedings against Gazprom in September 2022. Gazprom sought to obstruct the process through the Russian courts but was unsuccessful. The total amount encompasses the principal debt for gas transit services as stipulated in the 2019 agreement, along with penalties, and complete reimbursement for legal expenses incurred by Naftogaz. If Gazprom does not voluntarily comply, Naftogaz intends to initiate asset recovery measures aimed at the Russian company's overseas holdings. Wikborg Rein served as legal advisors to Naftogaz for the arbritation. Naftogaz CEO Sergii Koretskyi stated on social media: 'This is an important victory. I sincerely thank the Naftogaz legal team and our legal advisors at Wikborg Rein for this result. 'Work is already under way to ensure full payment of the amounts due in a step by step manner.' Additionally, Naftogaz is continuing its efforts to enforce a separate $5bn arbitration award against the Russian Federation, which pertains to the unlawful expropriation of its assets in Crimea in 2014. The process is already under way across ten jurisdictions. Initial enforcement actions have produced results in Finland and France, where Russian assets have been confiscated. Proceedings are currently under way in other countries; however, additional details remain confidential due to legal strategy considerations. In April, Naftogaz obtained €410m ($466.4m) in funding for the immediate purchase of one billion cubic metres of natural gas. This financial arrangement, which will be facilitated through the European Bank for Reconstruction and Development (EBRD), includes a €270m loan from the EBRD and a €140m grant from the Norwegian Government via the NORAD fund. "Naftogaz wins $1.3bn arbitration against Gazprom" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
