Polish Energy Company Confirms Receiving $1.5Bln Refund From Russia's Gazprom Export

WARSAW (Pakistan Point News / Sputnik - 01st July, 2020) Polish Oil Mining and Gas Extraction S.A. (PGNiG) has received the $1.5 billion in overpayment compensation from Russia's Gazprom Export per the ruling of the Stockholm Arbitral Tribunal in a gas price dispute, Jerzy Kwiecinski, the president of the PGNiG management board said on Wednesday.

"I am pleased to inform you that I have received confirmation that the money from [Gazprom Export] is already on our account," Kwiecinski tweeted.

In late March, PGNIG won the case against Gazprom in an international arbitration court in Sweden and became entitled to $1.5 billion after the court had adjusted the formula for gas price specified in a 1996 contract with the Russian energy giant. According to PGNIG, the court's decision is applicable to all gas deliveries conducted between November 1, 2014, and February 29, 2020.

The Russian gas giant said it would continue appealing the ruling.