During a meeting between Grażyna Piotrowska-Oliwa, President of the Management Board of PGNiG SA, and Alexander Medvedev, Deputy Chairman of the Management Committee of Gazprom S.A., an agreement was reached concerning a change in pricing terms of the contract for gas supplies to Poland.
Under an annex to the Yamal Contract executed in Warsaw, the pricing terms of gas supplies to Poland have been changed.
The new terms of the Yamal Contract reflect changes that have occurred on the European gas market in recent years. As a result, the negotiated pricing formula will also reflect current market prices of gas.
As the parties reached the agreement, the proceedings before the Arbitration Court in Stockholm may now be closed.
“The agreement demonstrates that Gazprom and PGNiG are capable of finding, through business negotiations, a win-win solution that satisfies the interests of both parties,” emphasised Grażyna Piotrowska-Oliwa, President of the PGNiG Management Board. “It is a clear sign that competitiveness of PGNiG’s long-term gas contracts relative to European markets is being recovered.”
“We worked out a price adjustment mechanism for the Russian gas which is acceptable to both parties and allows contracts to flexibly accommodate specific changes occurring on the Polish and European gas markets. The agreement has confirmed that reliable partners are always capable of arriving at a solution that is advantageous for both of them and strikes a balance between their interests,” said Alexander Medvedev.
[mappress] LNG World News Staff, November 06, 2012; Image: Gazprom