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Ukraine Russia Sign 10-Year Oil Transit Agreement

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The protocol still needs to be approved by the Ukrainian authorities, including Naftogaz`s supervisory board, as well as by relevant Russian stakeholders. Once the authorizations have been obtained, the parties will have until 29 December to reach an irrevocable settlement amicably. Discussions on gas transit are still under discussion and the current contract expires on January 1. One of Russia`s main demands for a new contract is for Ukraine to abandon its $2.6 billion reward after winning a lawsuit against Russian oil giant Gazprom at a Stockholm arbitration court in 2017. «The conclusion of the additional agreement ensures the long-term safe and sustainable operation of Ukraine`s oil transport system, forms the basis for loading the company`s main oil pipelines to European countries and provides a stable long-term source of revenue for Ukrtransnafta. As Ukraine and the EU work to reach a long-term agreement, the Russian government has proposed renewing the current agreement or signing a short-term agreement for next year and abandoning all legal claims between Naftogaz and Gazprom. «The (signed) documents are in effect from today and provide for a transit of Russian gas via Ukraine after 31 December 2019.» However, the Gazprom proposal was presented with a number of reservations, which the Russian giant has previously said would insist before a new transit agreement could be signed. A transit contract from 1 January 2020 to 1 January 2030 was signed on Tuesday in Zagreb by Ukrtransnafta CEO Mykola Gavrilenko and Transneft Vice President Sergey Andronov. (Reporting by Natalia Zinets; Letter from Alexander Marrow; Cup: Louise Heavens) Under the transit agreement, Ukraine is expected to ship most of the gas to Central Europe and Moldova. «After five days of uninterrupted bilateral talks in Vienna, final decisions have been taken and final agreements have been reached,» Gazprom chief Alexei Miller said in a statement. The agreements do not deal with the complaints filed by the Naftogaz group against the Russian Federation concerning the group`s stolen assets in Crimea. After a meeting between Orzhel and Russian Energy Minister Aleksander Novak in Vienna, Naftogaz, Ukraine`s national energy holding company said there was «a long way» to reach an agreement with Russia. Russian oil transit to Europe was briefly suspended in April following the decision of several Central and Eastern European countries to suspend imports due to contamination on the Russian side.

The documents were signed after five days of non-stop. – An agreement between Ukraine`s new transport network manager, GTSOU, and Russian manufacturer Gazprom sets the technical rules and rules for the BUCAREST Interconnection Agreement (ICIS) —Ukraine and Russia signed a protocol on Friday for the transit of gas to Europe from 1 January 2020. It also includes a controversial agreement in which Gazprom would sign the transit agreement with Naftogaz, which in turn would sign an interconnection agreement with Ukraine`s new transport network manager. Naftogaz must also reserve capacity on behalf of Gazprom and cover any risks of transit fares.