Gazprom in talks to raise prices for Poland retroactively from 2017
MOSCOW. June 16 (Interfax) - Gazprom and Poland's PGNiG are holding negotiations on a retroactive review of contract prices going back to 2017, Gazprom Export told reporters.
"Gazprom Export believes that there are sufficient grounds for a review of prices upward," the Russian gas company said.
A Stockholm arbitration tribunal decided on March 30 to revise the price formula in the contract to supply gas to Poland via the Yamal-Europe pipeline retroactively from November 2014. Under this ruling, Gazprom is supposed to refund $1.5 billion to the buyer for overpaying for gas.
PGNiG said on Monday that it has signed an addendum to the 1996 contract for gas supplies via Yamal-Europe and agreed with Gazprom that this $1.5 billion will be paid by July 1.
In its commentary, Gazprom Export did not touch on the issue of compensation, but confirmed the signing of the addendum to the contract, and stressed that steps are being taken to challenge the arbitration ruling.
"Gazprom and Gazprom Export are continuing to challenge, in accordance with established procedure, the decision of the arbitration tribunal in regard to the review of prices from 2014 under the purchase-sale contract for gas to Poland. At the same time, without harming the Gazprom Group's position in challenging the decision of the arbitration tribunal, Gazprom Export and PGNiG signed a corresponding addendum to the natural gas purchase-sale contract, reflecting the arbitration decision," Gazprom Export said.
Gazprom made provisions for the payment of this amount in its financial statement for 2019.