Gazprom Pays $2.9 Billion to Ukraine's Naftogaz
12/29/2019
(Reuters) – Russian gas giant Gazprom announced Friday that it has paid US$2.9 billion to Ukraine's state-owned gas company, Naftogaz, in accordance with a ruling made by the Arbitration Institute of the Stockholm Chamber of Commerce.
Russia and Ukraine signed a protocol last week, agreeing on terms for the transit of Russian gas to west Europe through Ukraine.
According to the protocol, Gazprom will pay 2.9 billion U.S. dollars as compensation to Ukraine by Dec. 29, so as to settle a long-running dispute over transit fees for gas transported to west Europe.
Ukraine is a key transit route for Russian gas to west Europe. The protocol will enter into force on January 1 and will last for five years.
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Pipeline Project Spotlight
Owner:
East African Crude Oil Pipeline Company
Project:
East African Crude Oil Pipeline (EACOP)
Type:
TotalEnergies in discussions with a Chinese company after Russian supplier Chelpipe was hit by sanctions.
Length:
902 miles (1,443 km)
Capacity:
200,000 b/d
Start:
2022
Completion:
2025
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