PRESS: Naftogaz Ukrainy may fail Gazprom’s take-or-pay condition

MOSCOW, Feb 9 (PRIME) -- Ukrainian energy holding Naftogaz Ukrainy may again fail to comply with a take-or-pay condition of the natural gas purchase contract with Russian gas giant Gazprom, Kommersant business daily reported on Friday.

Previously, the Stockholm Arbitration Court ruled that Naftogaz Ukrainy must buy 5 billion cubic meters of gas a year, including 4 billion cubic meters under the take-or-pay condition, the business daily said.

But the court did not change the contract’s formula for daily gas takeoff by Naftogaz Ukrainy -- the annual contracted amount is split per quarter taking into account seasonal factors, and quarters are split into days. Naftogaz Ukrainy has to take off the daily amount of gas with a maximum deviation of the contracted amount of 6%.

Naftogaz will start buying Russian gas only in March, and it will be able to take off only 3.979 billion cubic meters until the end of the year, less than the contracted 4 billion cubic meters, even if it takes off the maximum allowed amount each day, Kommersant reported.

Naftogaz Ukrainy may avoid fines from Gazprom if the Russian company agrees to sell more gas per day than the contract stipulates, or if the company transfers the remaining contracted volumes to 2019. The two companies are coordinating options for solution of the problem now, the business daily said.

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