PGNiG: Opening of arbitration proceedings involving OAO Gazprom and OOO Gazprom Export

The Management Board of Polskie Górnictwo Naftowe i Gazownictwo S.A. (‘PGNiG’, ‘Company’) announces that on May 13th 2015 the Company called OAO Gazprom and OOO Gazprom Export (‘Gazprom’) to arbitration proceedings before the Arbitration Court in Stockholm. The dispute relates to change of the price terms of the long-term gas supply contract of September 25th 1996 (‘Contract’). Calling Gazprom to arbitration opens the arbitration procedure provided for under the Contract. The value of the claim or the date of resolution cannot be specified at this stage of the dispute.
The Company became entitled to initiate arbitration proceedings in early May 2015 following the expiry of six months from the date of the request to renegotiate the Contract's price terms. Submitting the dispute for resolution by the Arbitration Court does not preclude trade negotiations and an amicable settlement with the supplier. The steps taken by PGNiG aim to bring the Contract in line with the current conditions on the European natural gas market.