Ostchem gives Odessa port plant no peace

Today, the Supreme Court of Ukraine will consider the Ostchem application for the recognition and granting of permission to implement the decision of the Arbitration Institute of the Stockholm Chamber of Commerce to recover more than $ 250 million from the Odessa port plant.

In July 2016, the Arbitration Institute of the Stockholm Chamber of Commerce satisfied the claim of the Ostchem company to recover from the Odessa port plant $ 250 million of outstanding debt for the natural gas supplied in 2013.

In March 2017, by a decision of the Yuzhny City Court, this decision was legalized in Ukraine. The justice of this decision was also recognized by the Appeal Court of Odessa region. In July 2018, the Supreme Court of Ukraine reversed these decisions and remanded the case to the first instance court, providing certain instructions to the lower courts.

In April 2019, the Kyiv Court of Appeal allowed recognition and enforcement of the award, which had been decided upon by the Arbitration Institute of the Stockholm Chamber of Commerce, and ordered that the Odessa port plant pay Ostchem almost 193.26 million dollars of principal and 57.98 million dollars of fines. Last May, the plant filed a complaint with the Supreme Court against the decision of the Kiev Court of Appeal.