PGNiG: Dismissal of Gazprom’s complaint to set aside the final award of the Arbitral Tribunal dated 30 March 2020

The management board of Polskie Górnictwo Naftowe i Gazownictwo S.A. (“PGNiG” or the “Company”), in reference to current reports No. 25/2020 dated 2 June 2020 and No. 38/2020 dated 15 July 2020 concerning the submission by Gazprom PJSC and Gazprom export LLC (hereinafter jointly referred to as “Gazprom”) of a complaint to set aside the final award of the ad hoc Arbitral Tribunal in Stockholm dated 30 March 2020 issued in arbitral proceedings brought by PGNiG against Gazprom 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”), hereby announces that by way of a ruling dated 9 March 2022 (the “Ruling”), the Svea Court of Appeal in Stockholm:

1. dismissed in its entirety Gazprom’s complaint as being unjustified, i.e. with regard to the claim that when ruling on a downward revision of the contract price for gas supplied under the Yamal Contract, the ad hoc Arbitral Tribunal exceeded its mandate granted by PGNiG and Gazprom in the Yamal Contract; and

2. ordered Gazprom to reimburse PGNiG’s legal representation costs.
The Ruling is not final and binding. Pursuant to Article 43 section 2 of the Swedish Arbitration Act of 1999, the Svea Court of Appeal granted consent to appeal the Ruling to the Supreme Court, because in its view, the matter is precedential in nature.