September 28, 2022

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PGNiG: Gazprom's gas price complaint dismissed

PGNiG: Gazprom’s gas price complaint dismissed

– We are satisfied with the ruling of the Swedish court, which completely rejected the accusations of Gazprom. Close Seven years Since the start of arbitration proceedings by PGNiG against Gazprom An important step towards finally closing this case – says PaweĊ‚ Majewski, President of PGNiG.

Gazprom demanded that the ruling be overturned Arbitration Court final dated March 30, 2020, claiming that the arbitral tribunal exceeded its powers to settle disputes between the parties to the Yamal Contract.

The Stockholm court rejected Gazprom’s arguments and upheld the complaint Incorrect.

Meanwhile, Gazprom was ordered to reimburse PGNiG’s legal representation costs. – for the nature of the foregoing case, Granting the right to appeal in cassation to the Supreme Court – confirms PGNiG in the press release.

The Gazprom company in question appealed the decision of the arbitral tribunal in Stockholm Changes in price conditions In the Yamal contract as of November 2014, based on the PGNiG application.

In the absence of an amicable agreement, In May 2015, PGNiG started arbitration proceedings against Gazprom, And in February 2016, she filed a lawsuit.

In March 2020, the court issued a ruling in favor of PGNiGchanging the gas buying and selling price formula to a market-based formula, more closely related to gas prices in European wholesale markets.

In June 2020, Gazprom appealed the ruling For official reasons.

The result of the arbitration award was the improvement of the conditions for conducting business activities by PGNiG, as well as Gazprom returns $1.5 billion To re-settlement the expired gas supplies according to the price equation set by the arbitral tribunal.

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Funds recovered by PGNiG have previously been allocated to the development of private gas extraction on the Norwegian continental shelf, including the purchase of 21 licenses owned by INOES E&P Norge, which are in line with the company’s strategy to diversify sources and trends of gas supply.

PGNIG

  • in public
    7.1500

  • the above
    7.1500

  • Accurate
    6.4900

  • Reference price
    7.0200

  • total volume
    3660 058

  • total trading volume
    24404 553.87

  • lower forks
    6.4360

  • top forks
    7.8640