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Orlen SACORRECTION: Orlen energy faces favourable arbitration case ruling in dispute with Gazprom
A ruling has been issued in the arbitration proceedings brought by Poland's largest energy concern Orlen against Russian state gas company Gazprom concerning the payment of interest on overpayments for natural gas supplied under the Yamal contract in 2014-2020, Orlen informed PAP Biznes. The total financial effect in favour of Orlen resulting from this tribunal ruling amounts to approximately USD 146 million.
#corrects the headline#
"In the multiphase arbitration proceedings conducted by Orlen against Gazprom, a ruling was issued on October 22 regarding the payment of interest on overpayments for natural gas supplied under the Yamal contract in 2014-2020. The total financial effect in favour of Orlen resulting from this court ruling amounts to approximately USD 146 million (approximately PLN 530 million)," Orlen told PAP Biznes.
The arbitration proceedings were initiated on January 14, 2022, by PAO Gazprom and OOO Gazprom export, concerning, among other things, a change in the contract price for gas supplied to PGNiG (currently Orlen) from November 2017 on the basis of the natural gas purchase and sale agreement of September 25, 1996.
In July, the Arbitration Court dismissed Orlen's claim for a reduction in the contract price from November 2017 or January 2018 and dismissed Gazprom's claim for an increase in the contract price from November 2017.
mbi/ nl/ ao/