Polish PGNiG asks Gazprom to reduce gas prices under Yamal contract

Polish energy company PGNiG (Polskie Gornictwo Naftowe i Gazownictwo S.A.) applied for a reduction in gas prices under the Yamal contract concluded with Gazprom, the company said.

“Polskie Gornictwo Naftowe i Gazownictwo continues the efforts to renegotiate the price terms of natural gas supplies under a long-term contract with Gazprom. On October 28, 2021, PGNiG submitted to PAO Gazprom and OOO Gazprom Export a letter supplementing PGNiG’s November 2020 request to revise the price of gas supplied under the contract for sale of natural gas to the Republic of Poland of September 25, 1996, (the Yamal Contract) downwards, so that the renegotiation process takes into account the current market situation,” the company said.

“We’ve witnessed unprecedented increases in natural gas prices across the European wholesale market recently. This extraordinary situation provides a basis for renegotiating the price terms on which we purchase gas under the Yamal Contract. (…),” President of the Management Board of PGNiG Pawel Majewski commented.

According to Majewski, PGNiG also reserved the right to treat the said letter as an independent request for renegotiation of the contract price. “These efforts may result in a change of the price of gas received by PGNiG from Gazprom as of November 1, 2021,” the company said.

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