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Gazprom continues to sell gas to Poland by inflated price, despite decision of Stockholm court, - PGNiG

Source : 112 Ukraine

The arbitration has changed way Russian gas is priced by tying it to gas prices in Western Europe
15:16, 26 April 2020

Open source

Gazprom, the Russian state-owned energy company, continues to charge Poland the price of gas it supplies despite a decision by the Stockholm court. The Polish State Oil and Gas Company (PGNiG) reported that on April 26.

Gazprom does not respect the decision made by the court after a long arbitration process. Instead, it continues to send invoices that are based on an invalid pricing formula," the company said in a statement.

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Arbitration has changed the way gas prices are set for Russia, linking it to gas prices in Western Europe.

The decision of the Tribunal has been applied since November 1, 2014, that is, on the day when PGNiG asked Gazprom to revise the price of the contract.

This means that the Russian company will be obliged to return PGNiG approximately 1.5 billion US dollars (or 6.2 billion zlotys (PLN). This is the difference between the price calculated using the new formula and the amount actually paid by PGNiG from November 1, 2014 to February 29, 2020.

As we reported before, in April, the wholesale price of natural gas for the needs of the population, heat producers and other protected consumers decreased by 15% compared to the previous month - up to 2.9 hryvnias (0.11 dollars) per cubic meter.

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