Gazprom Complies with Polish Arbitration Ruling
Polish state oil and gas firm PGNiG has said Gazprom is now complying with the March 30 decision of the Stockholm arbitration institute, requiring it to adjust its pricing formula for gas supplies.
PGNiG reported on April 27 that Gazprom was still sending it invoices based on the previous pricing formula.
"Gazprom stated that it will correct invoices issued for gas supplies in March and April 2020," PGNiG said on April 30. "Gazprom's declaration meets PGNiG's expectations as to the full and immediate implementation of the Arbitral Tribunal's ruling."
Gazprom is also required to pay $1.5bn to PGNiG in compensation for overcharging for gas since November 2014. Poland's government suggested on April 29 that it might seek the arrest of the company's assets in Europe if it fails to settle the award.
PGNiG did not refer to the compensation, but said Gazprom's declaration met its "expectations as to the full and immediate implementation of the arbitration tribunal's ruling."