Russian gas supermajor to pay Poland USD 1.5 billion

RUSSIA / FSU POLITICS - In Brief 16 Jun 2020 by Alex Teddy
On June 15 Gazprom announced that it will repay a Polish state company called PNGiG USD 1.5 billion. The payment will be completed by July 1 2020. The payout is due to Gazprom overcharging. PNGiG took legal action to secure the reimbursement. On March 30 PNGiG won a court case at the international arbitration tribunal. The Poles proposed a new payment formula for the cost of deliveries from 2014. In November 2019 Poland said it would not renew its existing contract with Gazprom which expires in 2022.67% of Poland's gas comes from Russia and is delivered under the Yamal contract. That is 10 billion cubic meters per annum. Poland is eager to reduce its energy dependence on Russia. Poland is a NATO and EU country and has not always had cordial relations with Russia. Poland has an LNG terminal on its coast and can take shipments from the US and Middle East. Poland does not want Russia to be able to cut off gas if Warsaw irks Moscow. The Poles oppose the Nord Stream 2 Pipeline. 67% of Poland's gas comes from Russia and is delivered under the Yamal contract. That is 10 billion cubic meters per annum. Poland is eager to reduce its energy dependence on Russia. Poland is a NATO and EU country and has not always had cordial relations with Russia. Poland has an LNG terminal on its coast and can take shipments from the US and Middle East. The Poles opposed the Nord Stream 2 Pipeline. Polish companies have bought gas fields in the North Sea. Poland has a treaty with Denmark to allow the building of an undersea pipeline to expedite gas transit.

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