Tuesday, May 17, 2022

HomeOil & GasGazprom files a claim to revise retrospectively the price terms of the gas contract with...
Powered by

Gazprom files a claim to revise retrospectively the price terms of the gas contract with PGNiG

Russia’s energy giant Gazprom and Gazprom Export filed a claim in Stockholm’s arbitral tribunal to revise retrospectively the price terms of the gas sale and purchase contract of 1996 with Poland’s oil and gas company PGNiG, based on the Yamal Contract.

Gazprom expects a retroactive increase of the contract price based on its revision requests of 8 December 2017 and 9 November 2020. These requests were submitted in response to PGNiG demanding a decrease of the contract price of 1 November 2017 and 1 November 2020, provided that, at the time of record-high gas prices in Europe, PGNiG’s request of November 2020 was modified on 28 October 2021.

“The request for the increase of the contract included in Gazprom’s notice is absolutely unfounded,” commented Paweł Majewski, CEO of PGNiG. “We are well prepared to prove it before the Arbitration Tribunal.”

Gazprom Export had sent a request to PGNiG to revise the price of the gas supplied under the contract, starting from November 1, 2017. According to the contract terms, after three years Gazprom Export acquired a new right to demand the next revision of the price, starting from November 1, 2020. As business negotiations on the price revision did not lead to agreements, the company has referred the dispute to arbitration.

Photo: Anton Galakhov/Gazprom.

Sign up to our biweekly newsletter

    Most Popular