Poland's PGNiG Claims Winning Gas Price Case Against Gazprom, Having Right for $1.5Bln
Poland's state energy company PGNiG said on Monday it had won a case against Russia's Gazprom on the price for gas and now had a right to get $1.5 billion back
WARSAW (Pakistan Point News / Sputnik - 30th March, 2020) Poland's state energy company PGNiG said on Monday it had won a case against Russia's Gazprom on the price for gas and now had a right to get $1.5 billion back.
According to the Polish company, "Stockholm's arbitration court had made a final ruling in an arbitral case of PGNiG against Gazprom and Gazprom Export regarding the decrease in contractual price for gas delivered by Gazprom under the natural gas sale-and-purchase contract, signed on September 25, 1996.
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The arbitration court has changed the gas purchase formula, "including due to its direct link to natural gas market listing on the European energy market." According to PGNiG, the decision means that Gazprom should return to PGNiG around $1.5 billion for the deliveries conducted between November 1, 2014, and February 29, 2020.
The 1996 contract, which expires in 2022, stipulates deliveries of up to 10 billion cubic meters of gas per year from Russia to Poland.