The Polish Oil Mining and Gas Extraction company (PGNiG) has won $1.5 billion in a court battle against Russian gas distributor Gazprom in the Court of Arbitration in Stockholm, marking a major victory for Poland and its quest to purchase gas and energy for fair market prices.
According to the CEO of PGNiG, Jerzy Kwieciński, the verdict showed that the price of Russian gas paid as part of the Yamal Contract was too high and set at non-market prices.
He explained that although the result of the court battle was positive, it did not “end our work to carry out that verdict.”
The company released a statement in which it said that it is carrying out actions meant to enforce the implementation of the verdict and the obtaining of the refund of the aforementioned sum.
PGNiG estimates that it will be able to obtain $1.5 billion back from Gazprom for the period of overpayment between Nov. 1, 2014, and Feb. 29, 2020.