Moldovagaz supervisory board does not agree with govt's analysis of historical debt for Russian gas

MOSCOW. Nov 13 (Interfax) - The supervisory board of JSC Moldovagaz during a meeting on November 2, 2023, did not approve the Audit Report on Moldovagaz's historical debt to the companies of the Gazprom group regarding gas supplied to consumers on the right bank of the Dniester, as published by Moldova's Energy Ministry on September 6, 2023.

Gazprom reported that, "The majority of members of the supervisory board noted that the report submitted for consideration is not a report on the results of a financial audit in accordance with international auditing standards, which is separately stated in the text of the report by its executors. Moreover, the report does not meet the requirements of audit independence, since one of its executors has a conflict of interest with PJSC Gazprom. The Moldovan side was notified of this circumstance in advance, but did not take any action to eliminate it."

"In this regard, the report cannot be considered as an appropriate final document of an independent and reliable financial audit of the debt of JSC Moldovagaz to the companies of the Gazprom group, as stipulated in the agreements between PJSC Gazprom and the government of the Republic of Moldova," according to the statement.

"The conclusions contained in the Report cannot in any way affect the amount and validity of the debt, especially since it is confirmed in documents regularly signed by Gazprom and Moldovagaz and in the relevant decisions of international arbitration," the Russian company states.

As reported, the Moldovan authorities in 2021 agreed with Gazprom to conduct an audit of Chisinau's historical gas debt. Consultants chosen by Moldova without coordination with Gazprom questioned the $709 million debt, and Moldovan officials expressed their willingness to pay only $9 million.