Stockholm court recognizes PGNiG’s right to demand lower gas price

WARSAW, Jul 2 (PRIME) -- The Stockholm arbitration court has recognized the right of Polish hydrocarbon company PGNiG to demand a lower price for gas bought from Russian gas giant Gazprom, the company said in a statement on June 30.

“The Tribunal granted PGNiG’s key arguments indicating the need of reduction of the contract price and rejected Gazprom’s arguments in support of maintaining the current, non-market pricing terms under the Yamal Contract,” the statement quoted President of the Management Board Piotr Wozniak.

The Yamal Contract, valid until 2022, provides for the supply of approximately 10 billion cubic meters of gas annually. According to the take-or-pay commitment imposed by Gazprom, PGNiG has to collect at least 8.7 billion cubic meters of the contracted fuel per year.

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