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PGNiG Files Request for Price Reduction under Yamal Contract

Source: www.gulfoilandgas.com 11/2/2020, Location: Asia

Polskie Górnictwo Naftowe i Gazownictwo has filed a request for the renegotiation of price terms of natural gas supplies under a long-term contract with Gazprom.

Exercising its contractual right, PGNiG has filed a request to PAO Gazprom and OOO Gazprom Export for a downward revision of the price of gas supplied to Poland under the gas supply contract of September 25th 1996 (the Yamal contract).

The Yamal contract provides that every three years either party to the contract may ask for renegotiation of the price terms of supplies if it determines that they fail to reflect current market conditions.

The long-term contract between PGNiG and Gazprom provides for the supply of approximately 10 bcm of gas annually. Under the take-or-pay clause contained in the contract, PGNiG is obliged to offtake a minimum of 8.7 bcm of contracted gas annually. The Yamal contract expires in 2022.

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