On Wednesday, July 2, 2025, Orlen received a message about the release the day before by the Arbitration Tribunal based in Stockholm of partial judgment in arbitration proceedings started on January 14, 2022 by the Russian Gazprom action. It was on changing the contract price for gas supplied to PGNiG (currently this company has been in the Orlen group) from November 2017. On the basis of the purchase and sale contract for Poland to Poland of September 25, 1996 (Jamalski Contract).
Pursuant to the judgment, the Tribunal:
- He dismissed the claim of Orlen to reduce the contract price from November 2017 or from January 2018.
- He dismissed Gazprom's claim to increase the contract price from November 2017.
- set a new, higher contract price as at January 1, 2018.
- He dismissed all further claims of Gazprom to increase the contract price as of January 1, 2018.
The partial judgment issued by the Tribunal includes one of the stages of multi -threaded arbitration proceedings.
“The Tribunal did not specify the method of settlement of the parties resulting from the determination of the retroactive formula of the contract price or awarded any amounts in this respect, and the determination in the scope of the above settlements will be made in the first place by the parties to the dispute. In the case of the dispute between the parties in this respect, this issue will be resolved at a further stage of the arbitral proceedings” – we read in the announcement of Orlene.
In the initial assessment of the Polish company, reverse settlement resulting from a partial judgment in the period from January 2018 to the earliest potential date of the next price change as part of renegotiations of 2020/2021 indicates the occurrence of a difference to pay by Orlen in an estimated amount of approx. $ 290 million. At the same time, the recognition of claims originally made by Gazprom in the proceedings would result in a difference to pay by Orlen in the amount of approx. $ 1.7 billion.
“The company analyzes the content of a partial judgment as well as the method of recognizing the financial effects in the financial results of Orlen and will continue to protect the company's interest under the subsequent stages of arbitration procedure with Gazprom,” reads.
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