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English Section

Russia’s Gazprom trims revenue estimate after losing in court to Poland’s PGNiG: report

15.04.2020 15:00
Russian gas giant Gazprom has revised downward its revenue estimate for last year after losing an arbitration dispute with Poland’s PGNiG, a Polish website has reported, suggesting a direct link between the two.
The Moscow headquarters of Russias Gazprom company.
The Moscow headquarters of Russia's Gazprom company.Photo: EPA/MAXIM SHIPENKOV

In a new estimate, Gazprom sees its 2019 net revenue coming to 1.2 trillion rubles, down from the 1.39 trillion rubles it projected in February, the biznesalert.pl website reported.

It cited what it said were figures supplied by Russia’s Interfax news agency.

Gazprom now expects that its net revenue last year shrank by 17.4 percent from 2018, according to biznesalert.pl.

Gazprom has yet to publish its annual results for 2019, the Polish website also said.

Polish state-run oil and gas company PGNiG said at the end of last month that Russia’s Gazprom would have to pay it back some USD 1.5 billion following a ruling by an international arbitration court in Stockholm.

The ruling came in a case over a pricing dispute that began in November 2014.

Poland’s PGNiG in November last year told Russia’s Gazprom it would not renew a long-term deal on gas imports when the contract expires at the end of 2022, according to a report.

A Swedish court in November rejected an appeal by Gazprom in the Russian gas giant’s long-running commercial dispute with Ukraine’s Naftogaz over a transit deal, according to Poland’s energetyka24.com website.

Sweden’s Svea District Court of Appeal upheld an earlier verdict by an arbitration court in Stockholm forcing Gazprom to pay the Ukrainian state-owned energy firm USD 2.56 billion amid a gas transit dispute, the energetyka24.com website reported at the time.

It added that the Russian monopoly’s total dues to Naftogaz stood at around USD 3 billion because of accumulating interest.


Source: biznesalert.pl