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Investing.com -- Polish oil and gas company Orlen could face a bill of almost $300 million following an arbitration ruling in favor of Russia’s Gazprom (MCX:GAZP), the company announced Wednesday.
The Stockholm arbitration tribunal ruled on Monday that Gazprom had the right to retroactively charge higher prices for gas supplies to Poland between 2018 and the next potential price change from 2020 and 2021.
Orlen, which acquired Polish gas monopoly PGNiG in 2022, estimates this could cost it $290 million. The company noted that the ruling did not specify settlement terms or award compensation to Gazprom, leaving the companies to negotiate.
The Polish energy firm stated it cannot make any payments to Gazprom under current regulations. "Orlen operates in accordance with the law and complies with applicable sanctions, which currently prevent it from making any payments under the judgment," the company said.
This case is part of several ongoing disputes between Orlen and Gazprom in Stockholm over gas prices Poland paid from 2017 to 2022. The next stage will address both sides’ claims regarding prices in 2021 and 2022, as well as claims resulting from Gazprom’s halt of supplies to Poland in 2022.
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