Gazprom wants Naftogaz to pay USD 2.6 bln for take-or-pay breach
19 January 2016
Russian gas monopoly Gazprom (GAZP RU) sent a bill to Naftogaz of Ukraine for USD 2.55 bln as payment for natural gas that the Ukrainian company did not buy under its take-or-pay obligation in 3Q15, the Interfax news agency reported on Jan. 19. Naftogaz had to purchase at least 10.49 bcm of natural gas in 3Q15, according to Gazprom data cited by Interfax. Naftogaz purchased no gas from Gazprom in 3Q15.
The take-or-pay clause was included in the ten-year contract between Gazprom and Naftogaz signed in January 2009. The minimum annual amount of natural gas that Naftogaz had to buy under this contract is 41.6 bcm. The take-or-pay clause was deactivated in interim contracts for 4Q14-2Q15 and 4Q15-1Q16, but was valid in 3Q15. Gazprom earlier sent bills to Naftogaz for breaching the take-or-pay clause in 2012 and 2013, worth USD 18 bln.
Alexander Paraschiy: As with the previous bills sent to Ukraine for under-purchased natural gas, we believe this new bill won’t have any implications for future gas trade between Gazprom and Naftogaz. We see this move as a routine procedure being taken by Gazprom in accordance with the contract signed in 2009. The Ukrainian side said a couple of times that it is going to appeal to the courts to invalidate the take-or-pay clause, and this battle is still ahead.
