The Arbitral Tribunal under the auspices of the Arbitration Institute of the Stockholm Chamber of Commerce (SCC) has rendered today a separate award in the Gas Sales Arbitration between Naftogaz and Gazprom under the Gas Sales Contract of 2009.

The tribunal has rejected Gazprom’s “take-or-pay” claim and satisfied Naftogaz claim to make the contract price market-reflective.

Furthermore, the tribunal has lifted the ban on gas re-export, which was part of the contract.