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Poland's PGNiG returned to Gazprom $90 million

 Poland's PGNiG returned to Gazprom $90 million

Warsaw, July 9 - Neftegaz.RU. On June 30 Gazprom Export transferred to PGNiG money that was due to be returned to it in connection with the decision of the Stockholm Arbitration Tribunal regarding the revision of the price from 2014 under the contract for the sale of gas to Poland.

CEO of PGNiG Jerzy Kwieciński said earlier in July that the company received more than expected by the court decision and due to the fact that in some months since 2014 there was an underpayment, therefore, $90 million will be compensation. 

The net amount of mutual settlements was about $ 1.5 billion. Kwieciński announced that the Polish company received about $1.6 billion from Gazprom.

On March 30, PGNiG won a dispute with Gazprom over gas prices in the Yamal contract. Under the judgment of the Stockholm Tribunal, the new price is to be calculated from November 1, 2014.

The Court changed the formula for calculating the price in the Yamal contract in such a way that it is significantly linked to prices on the European market, much more market-oriented and close to the price at which PGNiG sells gas to customers. A month later, PGNiG received from Gazprom a declaration of compliance with the new price conditions of the Yamal contact.

To read the full story in Russian.