Biznes Fakty
Orlen-Gazprom dispute. Partial verdict of the Arbitration Tribunal issued
The Stockholm Arbitration Court has rendered a partial decision regarding settlements with Gazprom for gas purchases linked to the Yamal contract since November 2017, as announced by Orlen. The tribunal rejected Orlen’s request for a decrease in the contract price from November 2017 or January 2018, while also denying Gazprom’s request for an increase in the contract price starting from November 2017.
On Wednesday, Orlen stated that it had been informed about a partial ruling issued on July 1, 2025, by the ad hoc Arbitration Court in Stockholm, stemming from the arbitration proceedings initiated on January 14, 2022, at the behest of PAO Gazprom and OOO Gazprom Export. This matter involved, among other issues, an adjustment to the contract price for gas supplied to PGNiG (currently Orlen) from November 2017 based on the natural gas purchase agreement dated September 25, 1996, known as the Yamal contract.
The company reported in a statement that based on this judgment, the Tribunal dismissed Orlen’s request for a price reduction from November 2017 or January 2018, while also rejecting Gazprom’s petition for a price increase from November 2017. It established a new, elevated contract price effective from January 1, 2018, and dismissed all further claims from Gazprom seeking an increase in the contract price starting January 1, 2018.
One of the stages
Orlen emphasized that the partial ruling issued by the Tribunal pertains to one phase of the extensive arbitration proceedings.
In the Company’s initial assessment, the retroactive settlement arising from the partial award for the period from January 2018 to the earliest possible date for the next price adjustment under the 2020/2021 renegotiation requests indicates a difference that Orlen is expected to pay, estimated at around USD 290 million.
„However, if Gazprom’s original claims in the proceedings were acknowledged, it would lead to a payment difference for Orlen amounting to approximately USD 1.7 billion,” the company added.
It noted that the Tribunal did not define the method for settling the parties’ claims resulting from the determination of the retroactive formula for the contract price, nor did it allocate any sums in this regard. The resolution of these settlements will primarily be the responsibility of the disputing parties. Should a disagreement arise between the parties on this issue, it will be addressed at a later stage of the arbitration proceedings.
Orlen announced that it is currently reviewing the content of the partial ruling and the approach to recognizing the financial impacts on Orlen’s financial results, and will persist in its efforts to safeguard the company’s interests in the upcoming phases of the arbitration process with Gazprom.
