Polish NOC wins $1.5-bln arbitration with Gazprom
WARSAW, March 11, 2022 – PGNiG has won a court battle with Russia’s Gazprom over heightened payments under a long-term gas import agreement, the Polish NOC announced on Wednesday.
The Swedish court dismissed Gazprom’s allegations that the court exceeded its authority in a trade deal made in 1996 and ordered the Russian oil and gas company to pay USD 1.5 billion in compensation for charging above-market prices for gas, in addition to USD 560,000 for cost of legal representation.
The court has granted Gazprom the right to appeal under the supreme court.
Since the beginning of 2022, Gazprom has supplied only minimal volumes to the Polish NOC.
The trade contract expires in 2022.