The Stockholm arbitration court refused to reduce gas prices for the Poles
The Stockholm arbitration court agreed with Gazprom's arguments and completely refused to change the price of gas supplies from the Polish oil and gas company PGNIG, according to a press release from Gazprom Export.
“The arbitration tribunal agreed with the arguments of Gazprom Export LLC and completely refused PGNiG to change the price according to the requirement stated by this company during the proceedings. The Tribunal did not agree with the method of changing the price and the price formula proposed by the Polish company,” the statement said.
It is also said that the tribunal will make a final decision taking into account the findings and principles determined by the interim decision and after further consultations with the parties.
The contract signed in 1996 provides for the supply of up to 10 billion cubic meters of gas per year to Poland. The agreement is valid until 2022. In 2012, the cost of gas for Poland under this contract was reduced by 10%. In 2015, PGNiG filed a claim with the Stockholm Arbitration Court for a new reduction in value. According to the Polish side, the gas price in the contract is too high and does not correspond to market conditions.
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