June 16, 2017

Brattle Congratulates Client Naftogaz on Set-Aside of Take-or-Pay Claims in Arbitration over Gazprom Contract

The Brattle Group congratulates our client Naftogaz, the national oil and gas company of Ukraine, in the successful set-aside of take-or-pay claims in the arbitration over their gas supply contact with Russia’s Gazprom.

Naftogaz initiated the dispute after it had been unable to consume all the gas supplied in the contract, the largest in the world, and was facing claims for more than $34.5 billion in “take-or-pay” penalties. Naftogaz challenged the fairness of the take-or-pay clause and claimed that Gazprom underpaid for transit flow. They also argued that contractual renegotiation was needed after Ukraine adopted energy market rules established by the EU.

More information about the case can be found here.

Associated Experts
Lapuerta 103pp
Principal
+44.20.7406.7900
Mr. Lapuerta is an expert in economic analysis and financial valuation, which he frequently applies to estimate damages in international arbitration proceedings. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4