Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Poland's PGNiG seeks arbitration over Gazprom gas overpayments

Published 2022-05-19, 06:42 a/m
Updated 2022-05-19, 06:53 a/m
© Reuters. FILE PHOTO: The PGNiG Termika Zeran heat power station is seen across Vistula river in Warsaw, Poland August 19, 2015.  REUTERS/Kacper Pempel

WARSAW (Reuters) -Polish gas monopoly PGNiG issued a call for arbitration to Russian gas supplier Gazprom (MCX:GAZP) regarding interest on overpayments it made for natural gas between 2014 and 2020, the company said in a quarterly report on Thursday.

Chief Financial Officer Przemyslaw Waclawski declined to comment during a news conference on the amount PGNiG is claiming from Gazprom but said it was not "small"

An arbitration court ruled in March 2020 that pricing from Gazprom should be changed to take into account natural gas market quotes.

Following the court ruling, Gazprom returned an overpayment of $1.5 billion to PGNiG.

© Reuters. FILE PHOTO: The PGNiG Termika Zeran heat power station is seen across Vistula river in Warsaw, Poland August 19, 2015.  REUTERS/Kacper Pempel

"On March 31st 2022, PGNiG sent to Gazprom a call for arbitration concerning its claim for interest on amounts overpaid by PGNiG for natural gas supplied in the period November 2014 − February 2020," the Polish company said.

"PGNiG is awaiting Gazprom's response to the call for arbitration. The case is pending."

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.