PGNiG wants to renegotiate prices with Gazprom

Poland’s natural gas giant PGNiG said on Wednesday that it has addressed Russia’s Gazprom with the aim of renegotiating prices in the so-called Yamal contract. “The PGNiG management board’s decision … was made in connection with significant changes that took place on the European energy market in the past years,” the company’s statement said. In accordance with the contract, it the companies do not reach an agreement in six months’ time, PGNiG may file the dispute to a court of arbitration. The Yamal contract, signed in September 1996, regulated the supply of up to 10.2 billion cubic meters of gas annually until 2022.