Arbitration court (partially) sides with PGNiG in row with Gazprom

The Arbitration Tribunal in Stockholm said that WSE-listed gas giant PGNiG is entitled to a reduction in gas prices purchased from Russian Gazprom retroactive to November 1, 2014, the company said in a market filing, The court, however, rejected the PGNiG’s cut proposal, deeming it “too aggressive.” PGNiG filed the motion to reduce prices back in 2014, under the Yamal Contract terms, but Gazprom denied. Gazprom, in a separate statement, said that the court ruled in its favor, and only confirmed what the deal already stipulated, which is the fact that the Polish company had rights to reduce the price. The price setting procedures will be discussed at a later stage, after a further round of negotiations. The “new” price will be enacted retroactively.