PGNiG Wants to Negotiate Gas Price with Gazprom

Polish gas company PGNiG said it has asked Russia's Gazprom to renegotiate the price paid for gas in its long-term delivery contract.

Poland imports most of the gas it consumes from Russia on the basis of an agreement which expires in 2022. The contract, which was signed in 1996, allows for a price change every three years.

PGNiG buys most of the gas it sells from Russia's Gazprom at a price it does not disclose.

In 2015 PGNiG filed for arbitration with the Stockholm Arbitration Tribunal in a dispute with Gazprom, looking to change the pricing of their long-term contract.

PGNiG said both companies were entitled to revisit the gas price in November this year.

A potential change in the price that may follow the arbitration would become binding as of Nov. 1, 2014, so both PGNiG and Gazprom are entitled to ask for a price change starting from Nov. 1, 2017, PGNiG said.

"Submitting the motion (to Gazprom) by PGNiG initiates the process," PGNiG said in a statement.

Reporting by Agnieszka Barteczko and Anna Koper