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    Gazprom Appeals Ruling on Polish Gas Contract


The ruling relates to the pricing formula Gazprom uses for gas supplies to Poland.

by: Joseph Murphy

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Gazprom Appeals Ruling on Polish Gas Contract

Russia's Gazprom has appealed against a Stockholm arbitration ruling requiring it to alter its pricing formula for gas supplies to Poland, Polish gas firm PGNiG said in a statement on June 2.

Gazprom lodged its challenge at the Stockholm court of appeal. However, PGNiG said the appeal contested the verdict "only in terms of procedure and it is not possible to change the arbitration award in terms of substance."

"The lodging of a complaint by Gazprom does not affect the implementation of the arbitration award, which means that both parties are required to apply the new pricing formula," PGNiG said.

The arbitration ruling in late March also orders Gazprom to provide $1.5bn refund for past overpayments for its gas. PGNiG had said in April 30 that Gazprom was complying with the verdict, with the Russian company stating would correct invoices for supplies in recent months.

Gazprom typically supplies two thirds of Poland's gas, with shipments totalling 9.73bn m3 last year.