PGNiG: Gazprom’s undertakes to apply new price terms under Yamal Contract

Further to current report No. 15/2020 of 24 April 2020 on the non-observance by Gazprom PJSC and Gazprom Export LLC (jointly “Gazprom”) of the final award (“Award”) of the Arbitral Tribunal in Stockholm issued in the arbitration proceedings regarding the revision of the contract price for gas supplied by Gazprom under the contract for the sale of natural gas to the Republic of Poland of 25 September 1996 (the “Yamal Contract”), the Management Board of Polskie Górnictwo Naftowe i Gazownictwo S.A. (“PGNiG” or the “Company”) hereby reports that the Company has received Gazprom’s declaration to apply new price terms under the Yamal Contract pursuant to the Award.
Gazprom stated that the invoices mentioned in the current report No. 15/2020 of 24 April 2020 will be corrected.
PGNiG notes that the contract price for gas supplied by Gazprom may change in the future with effect from 1 November 2017, further to the Company's request for renegotiation of the contract price, which the Company announced in current report No. 91/2017 of 1 November 2017. The Company further notes that the contract price may change in the future as a result of the request for renegotiation of the contract price submitted by Gazprom, which the Company announced in current report no. 96/2017 of 8 December 2017.