“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. In our opinion, there is room for a reduction of the price of gas supplied to PGNiG,” said Pawel Majewski, President of the Management Board of PGNiG.
Mr. Majewski added that 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 1 November 2021.
The long-term contract between PGNiG and Gazprom provides for the supply of approximately 10 billion m3 of gas annually. Under the take-or-pay clause contained in the contract, PGNiG is obliged to offtake a minimum of 8.7 billion m3 of contracted gas annually. The Yamal contract expires in 2022.
