The Stockholm court on March 30 ruled in PGNiG’s favor, ordering Gazprom to retroactively alter the pricing formula and pay the Polish firm $1.5 billion for overcharging it since 2014.
"Gazprom is not honoring the award issued following the long arbitration process, continuing to issue invoices based on the invalid pricing formula," PGNiG said in a statement on April 24.
The company said that it will take all steps necessary to fully enforce the arbitration award and to recover any overpayments for gas supplied under the Yamal contract since November 2014.
In PGNiG’s opinion, the conduct of Gazprom consisting in its failure to comply with the arbitration award may be perceived as continued abuse of its dominant position. PGNiG is now considering the possibility of notifying the Commission of Gazprom’s anti-competitive practices involving its failure to comply with the arbitration award.
PGNiG has been consistently implementing its strategy to diversify the directions from which gas is sourced. Over the last 4 years, the share of gas purchased from Gazprom in the overall gas import volume fell from 87% to 60% (2015 and 2019).
On the other hand, the volume of LNG imported from Qatar, the US and Norway to the President Lech Kaczynski Terminal in Świnoujście has been dynamically rising. Last year, the share of LNG in PGNiG’s gas imports was 23%.
