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Orlen May Face $300m Bill After Arbitration Tribunal Favoured Gazprom
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The Płock-based company estimates that imports of the blue fuel from 2018 to 2020 or 2021 will additionally cost it around USD 290 million. This refers to deliveries from Russia to Poland carried out under the so-called Yamal contract.
The Stockholm Arbitration Court has issued a partial award in the arbitration proceedings between Orlen and Russia's Gazprom, which have been ongoing since 2022.
The Stockholm Arbitration Court issued an important partial judgment for Orlen. It concerns settlements with Gazprom for the purchase of gas under the Yamal contract from November 2017. The Court dismissed Orlen's claim for a reduction in the contract price from November 2017 or from January 2018, but also Gazprom's claim for an increase in the contract price from November 2017.
The Arbitration Tribunal based in Stockholm has resolved some of the cases that Orlen and Gazprom are being sued for. "The recognition of the claims initially filed by Gazprom in the proceedings would result in a difference to be paid by Orlen in the amount of approximately USD 1.7 billion," we read in the release.
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