UPDATE: Kiev can sue Gazprom for cession of RosUkrEnergo debt in ‘09

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KIEV, Feb 10 (PRIME) -- Ukrainian energy holding Naftogaz Ukrainy is considering turning to the Stockholm arbitration court over the cession of a U.S. $1.7 billion debt of RosUkrEnergo to it by Gazprom in 2009, Executive Director Yury Vitrenko said on Monday in a Facebook post.

“We have recently brought to light the circumstances of Gazprom’s role in the transactions with RosUkrEnergo’s debt, on which Naftogaz Ukrainy bore significant losses,” Vitrenko said.

“We are studying Naftogaz Ukrainy’s chances to solve the problems, we must focus on the following… (Litigations in) international arbitration in Stockholm under a contract between Naftogaz Ukrainy and Gazprom of cession of debt liabilities of RosUkrEnergo.”

RosUkrEnergo, co-owned by Gazprom and Ukrainian businessman Dmitry Firtash, was an intermediary in gas supplies from Russia to Ukraine in 2004–2009. The company was ousted from the intermediator role in 2009, when its debt to Gazprom amounted to $1.7 billion. Gazprom sold the debt to Naftogaz Ukrainy, and Naftogaz Ukrainy confiscated 11 billion cubic meters (bcm) of gas from RosUkrEnergo.

The Stockholm arbitration court ruled in 2009 that Ukraine return 11 bcm of gas to RosUkrEnergo and give 1.1 bcm more as a penalty.

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