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Naftogaz withholds $9m of Gazprom's overpayment for transit

The national oil and gas company Naftogaz Ukrayiny has sent a statement to Russian Gazprom on crediting overpayment for gas transit on account of penalty, which is charged on the debt of the Russian company in accordance with an arbitral award on the transit contract of 28 February 2018.

The press service of Naftogaz noted that on 22 December 2017 the Stockholm arbitration revised the gas pricing formula in the contract for the supply of gas to Ukraine, thus reducing its cost, which automatically led to a reduction in the cost of services and the total cost of gas transit services provided by Naftogaz.

At the same time, Gazprom, refusing to comply with the decision of the Stockholm arbitration, in 2018 continues to pay a higher price for transit than Naftogaz sets up, which calculates the tariff in accordance with the decision of the arbitration.

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