Polish concern PGNiG declared victory in the trial against Gazprom

The Polish concern PGNiG estimates that Gazprom will have to pay 1.5 billion dollars in compensation for the overpayment when purchasing gas between November 2014 and February 2020.

Polish gas concern PGNiG announced on Monday, March 30, that it had defeated Russian Gazprom in the Stockholm arbitration. According to a press release posted on PGNiG’s website, the court decided to revise the pricing formula for the purchase of gas supplied by Gazprom under the Yamal contract to make it closer to the market. According to the Polish side, now Gazprom will have to pay PGNiG about $1.5 billion in compensation for an overpayment from November 1, 2014 (i.e. the date when PGNiG applied for the contract price revision) to February 29, 2020.

The chairman of PGNiG’s board of directors, Jerzy Kwiecinski, said that the Polish company is going to invest, among other things, in the diversification of gas supply systems and the development of energy systems that do not produce carbon dioxide emissions into the atmosphere.

For their part, representatives of Gazprom Export confirmed on March 30 that they had received the decision of the Arbitration Tribunal in Stockholm within the proceedings on the revision of the price for gas supplied under the contract with the Polish company PGNiG and are currently studying it. “It is too early to give any estimates of the amounts of possible payments”.