On January 14, 2022, Polskie Górnictwo Naftowe i Gazownictwo received a summons from attorneys PAO Gazprom and OOO Gazprom Export to arbitrate before the arbitral tribunalto this Based in Stockholm, in connection with a request to change the price conditions for gas supplied under the Yamal Contract. Gazprom expects a retroactive increase in the contract price as part of Gazprom’s renegotiation requests on December 8, 2017 and November 9, 2020.
–The demand for an increase in the contract price included in the tender offer of Gazprom is completely unfounded. We are ready to prove it to the arbitral tribunal – Bowie Majowski, Chairman of PGNiG SA, said:.
PGNiG continues its efforts to change the price conditions for natural gas supplies under the Yamal Contract. It should be noted that the aforementioned Gazprom’s requests for renegotiation were submitted in response to PGNiG’s requests to reduce the contract price on November 1, 2017 and November 1, 2020, however, under conditions of record high gas prices in Europe, the PGNiG request was revised in November 2020 on 28 October 2021.
The submission of an invitation to arbitration by Gazprom initiates the dispute settlement procedures specified in the Yamal Contract. PGNiG takes appropriate steps in this regard to assert its rights and protect the interests of the Company.
In 2011 and 2015, PGNiG twice used the right to initiate arbitration under the Yamal contract. As a result of the proceedings initiated in 2015, the arbitral tribunal in March 2020 changed the contract pricing formula, granting PGNiG’s application.
PGNiG / mat. press releases
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