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Rymarz Zdort Represents PGNiG in Successful Arbitration with Gazprom

Rymarz Zdort Represents PGNiG in Successful Arbitration with Gazprom

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Rymarz Zdort has represented Polskie Goornictwo Naftowe i Gazownictwo S.A. in arbitration proceedings against PAO Gazprom and OOO Gazprom Export involving PGNiG's demand that the contract price for gas supplied by Gazprom under an agreement commonly known as the Yamal Contract be revised.

According to Rymarz Zdort, "based on an award dated March 30, 2020, the ad hoc Arbitral Tribunal in Stockholm recognized PGNiG’s claims and reduced the contract price for the gas supplied by Gazprom, [and] revised the price formula in the Yamal Contract, inter alia, through its material and direct connection with the market price of natural gas on the European energy market." According to the firm, "the new price determined by the Tribunal applies from November 1, 2014, i.e., from the date on which PGNiG filed its price revision request. Following the retroactive application of the new contract price, Gazprom returned to PGNiG approximately USD 1.5 billion for the period from November 1, 2014, to February 29, 2020.”

Rymarz Zdort’s team included Partners Pawel Rymarz, Krzysztof Sajchta, and Marek Durski.

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