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Home Finance & Regulations Gazprom promises to meet PGNiG demands over gas pricing

Gazprom promises to meet PGNiG demands over gas pricing

Polish state-controlled oil and gas company PGNiG welcomed Gazprom’s declaration on the application of the new price conditions of the Yamal contract established by final award issued by the Arbitration Institute of the Stockholm Chamber of Commerce (SCC) at the end of March.

After PGNiG claimed that the Russian oil giant had failed to comply with the final award, Gazprom stated that it will correct invoices issued for gas supplies in March and April 2020. 

At the end of March, the Arbitral Tribunal in Stockholm ruled in favour of PGNiG, ending a five-year-long dispute with Gazprom concerning the price of gas. According to preliminary estimates of PGNiG, Gazprom would have had to refund approximately 1.5 billion US dollars as a result of the award being issued.

A month later, PGNiG announced that Gazprom was not honouring the award, continuing to issue invoices based on the invalid pricing formula.

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