Latest news with #NaftogazGroup
Yahoo
02-06-2025
- Business
- Yahoo
Norway to help Ukraine cover 1 billion euro gas shortfall, Zelensky says
Norway will help Ukraine cover a potential one billion euro ($1.08 billion) gas deficit, President Volodymyr Zelensky announced following a meeting with Norwegian Prime Minister Jonas Gahr Store in Vilnius on June 2. "We discussed issues that are important for Ukraine right now. I received a positive signal from him. This concerns gas: if we face a deficit in winter, can we count on the appropriate volume? Today, I received support from Jonas (Gahr Store)," Zelensky said. Russian forces regularly attack Ukraine's energy infrastructure, leading to power and heat shortages across the country. Russia attacked 34 facilities of Ukrgasvydobuvannya, Ukraine's largest gas producer and part of the state Naftogaz Group, last winter, leading to a loss of almost 50% of gas production, the company reported on April 21. "We agreed that we will look for opportunities to close any deficit, which may arise if everything is not restored (Ukrainian gas production infrastructure affected by Russian attacks), if we cannot fully provide our population with gas," Zelensky noted during an online press conference attended by the Kyiv Independent. "And therefore there is an appropriate volume. We have found half, but we were missing another half. I'll put it this way: we're talking about a volume worth a billion euros — that's what I'm discussing with the Norwegian prime minister." The two leaders have also discussed continued support for Kyiv, including strengthening the country's air defense, encouraging direct investment in Ukraine's defense industry, specifucally the drone production, and increasing pressure on Russia. Norway is ranked 11th in the world in terms of the amount of aid provided to Ukraine, having so far provided over $4.5 billion in humanitarian, financial, and military support, according to the Kiel Institute's Ukraine Support Tracker. On May 20, Crown Prince Haakon of Norway arrived in Ukraine to meet with Zelensky, marking the first visit by a member of the Norwegian royal family during Russia's invasion. Read also: Operation Spiderweb — everything we know about Ukraine's 'audacious' attack on Russia's heavy bombers We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
Yahoo
14-05-2025
- Business
- Yahoo
Ukraine's gas storage reserves fall to their lowest level in at least 11 years
Natural gas reserves in Ukraine's underground storage facilities amounted to 6.02 billion cubic meters (bcm) as of May 11, marking the lowest level in at least the last 11 years, ExPro Daily Gas consulting group said on May 14. Russian forces regularly attack Ukraine's energy infrastructure, leading to power and heat shortages across the country, as well as difficulties with natural gas storage. Ukraine's underground storage facilities are currently using 19.4% of their capacity. Almost 32%, or 2.79 bcm, less gas is available in the storages than in the previous year, according to the estimates. Meanwhile, pumping volumes in May 2025 are higher than in May last year. Since the beginning of the month, over 350 million cubic meters (mcm) of natural gas have been pumped into the storage facilities, which is 33% more than in the same period last year. Since April 17, 2025, when the injection of natural gas into underground facilities began, 610 mcm of natural gas have been pumped, including 258 mcm in April. As a result, the total pumping volumes decreased to 26 mcm as of May 11. As of the end of May 2025, gas reserves in Ukrainian underground facilities could reach almost 6.6 bcm with stable natural gas imports of about 14 mcm per day in recent days, according to ExPro Daily Gas. Ukraine also continues to gradually restore natural gas production, which was damaged after numerous Russian attacks in February and March, the report read. Russia attacked 34 facilities of Ukrgasvydobuvannya, Ukraine's largest gas producer and part of the state Naftogaz Group, last winter, leading to a loss of almost 50% of gas production, the company reported. In March, Ukrgasvydobuvannya restored more than half of the production volumes lost because of the attacks. Naftogaz also imported 800 mcm of gas and began restoring the damaged infrastructure to withstand the autumn and winter of 2024-2025 and compensate for losses. Read also: 'Like a game of tennis' — Russia, Ukraine court Trump to avoid being blamed for peace talks failure We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
Yahoo
22-04-2025
- Business
- Yahoo
Ukraine's Naftogaz loses almost 50% of gas production in winter due to Russian attacks
Russia attacked 34 facilities of Ukrgasvydobuvannya, Ukraine's largest gas producer and part of the state Naftogaz Group, last winter, leading to a loss of almost 50% of gas production, the company reported on April 21. Russian forces regularly attack Ukraine's energy infrastructure, leading to power and heat shortages across the country. The energy situation was most critical in the cities of Kryvyi Rih, Mykolaiv, and Kherson. Constant Russian attacks and the current state of the gas network could have left more than 1 million people without heating and electricity, the company's statement read. Emergency crews were said to work around the clock, and the company raised more than Hr 5 billion ($121 million) in humanitarian donor aid to avoid collapse. Naftogaz also imported 800 million cubic meters of gas and began restoring the damaged infrastructure to withstand the autumn and winter of 2024-2025 and compensate for losses. In March, Ukrgasvydobuvannya restored more than half of the production volumes lost because of the attacks, the company said. Naftogaz's interim CEO, Roman Chumak, said the company is already preparing for the next winter period. Since the beginning of 2025, Naftogaz has contracted 1.5 billion cubic meters of gas, of which 400 million cubic meters will be supplied in preparation for the 2025-2026 autumn-winter period. Read also: 'There was no ceasefire' — US-brokered energy truce fails to secure lasting results in Ukraine We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
Yahoo
21-04-2025
- Business
- Yahoo
Naftogaz lost 50% of gas production due to Russian attacks, has restored over half
Ukrgazvydobuvannya, the largest Ukrainian gas producer, lost 50% of its gas production as a result of Russian attacks in February, but has already restored more than half of the lost volumes. [Ukrgazvydobuvannya is a subsidiary of Naftogaz Group, Ukraine's largest national oil and gas company – ed.] Source: Naftogaz Group Details: In order to maintain uninterrupted supply of gas amid the heating season and compensate for the losses, Naftogaz urgently imported 800 million cubic metres of gas, stabilised the system and began restoring the damaged infrastructure. "The team of Ukrgasvydobuvannya restored facilities, mobilised additional equipment, and by March recovered more than half of the gas production lost during a wave of attacks earlier this year," the statement by Naftogas reads. Background: As of early April, Naftogaz Group had restored half of the production volumes lost due to the Russian attacks in February. Naftogaz has begun preparations for the next winter season with a €140 million grant from Norway and a €270 million loan from the European Bank for Reconstruction and Development. Support Ukrainska Pravda on Patreon!
Yahoo
17-04-2025
- Business
- Yahoo
French court paves way for forced recovery of US$5bn from Russia to Naftogaz
A French court has granted permission for the enforcement of a Hague arbitration ruling, which requires Russia to pay US$5 billion in damages to Naftogaz Group, Ukraine's largest national oil and gas company, as a result of the occupation of Crimea. Source: press service for Naftogaz, as reported by European Pravda Details: The case concerns compensation for damages caused by the unlawful expropriation of assets belonging to the Naftogaz Group in occupied Crimea, amounting to US$5 billion. Quote from Naftogaz Group CEO Roman Chumak: "This outcome is part of our global campaign for the enforcement of the arbitration award. It is an extremely important legal victory for Naftogaz of Ukraine and five other companies in the group. It allows Naftogaz to initiate the recovery procedure on the territory of France." Details: As part of this process, Naftogaz has already registered encumbrances on a number of assets owned by Russia and located in France, with a total value of over €120 million. This is being described as the first step towards the forced enforcement of the arbitration decision. The French proceedings are being handled by the Paris-based dispute resolution law firm Le 16 Law. Background: In April 2023, the Arbitral Tribunal at the Permanent Court of Arbitration in The Hague ordered Russia to pay US$5 billion to Naftogaz as compensation for damages and loss of property resulting from the occupation of Crimea. Arbitral awards can be enforced through a mechanism of forced execution. Therefore, if Russia refuses to comply voluntarily with the court ruling, Naftogaz has the right to initiate the recognition and enforcement process in jurisdictions where Russian assets are located. In October 2024, a court in Finland ordered the seizure of specific Russian assets in the country for the purpose of compensating Naftogaz – the first such decision in Europe. Read more: Finnish precedent: how Helsinki increases chances of getting compensation from Russia Support Ukrainska Pravda on Patreon!
