3 Oct 2018 12:46

Liquidation of Naftogaz in next six years would hamper recovery of funds from Gazprom - Naftogaz

KYIV. Oct 3 (Interfax) - The liquidation of Naftogaz Ukrainy over the next six years would impede the recovery of funds from Russia's Gazprom, according to Naftogaz's Chief Commercial Officer Yuriy Vitrenko.

"New arbitration against Gazprom, with our claims exceeding $12 billion, will take at least two or three years, based on our experience. We already know that Gazprom is doing everything it can to avoid implementing the decision of the international arbitration court [in Stockholm], and in such conditions, forcible recovery will take at least another year. That's already four years. And if we count appeals with the Court of Appeal and the Supreme Court of Sweden, it's not four years, it's six," he wrote on Facebook.

This means that the liquidation of Naftogaz after the next presidential election is impossible, Vitrenko said.

The initiative to liquidate the company is generally illogical, as it would necessitate considerable expansion of the functions and staff of Ukrgazvydobuvannya and the country would not benefit in any way, he said.

Yulia Tymoshenko has announced her intention to liquidate Naftogaz Ukrainy after the presidential election if she wins.

Naftogaz Ukrainy unites the country's largest oil and gas extracting enterprises. The holding has a monopoly on the transit and storage of natural gas in underground storage facilities and on the transportation of oil through pipelines in Ukrainian territory.