Latest news with #Świnoujście
Yahoo
04-07-2025
- Business
- Yahoo
Orlen may face nearly $300m bill after arbitration tribunal favoured Gazprom
Polish refiner ORLEN may face a financial impact of nearly $300m following an arbitration tribunal's decision that supports Russia-based Gazprom's right to charge higher retroactive prices for gas supplies, reported Reuters. This development comes amid a series of legal disputes concerning the prices Poland paid for Russian gas from 2017 to 2022. The tribunal's ruling on 1 July adjusted the gas prices under the contract between PGNiG, now part of Orlen, and Gazprom for the years 2018 and onwards, potentially leading to a cost of $290m for Orlen. However, the terms of settlement have not been specified, and no compensation has yet been awarded to Gazprom. Orlen has stated that it operates within legal boundaries and adheres to sanctions that currently prohibit any payments under the judgment. The tribunal is expected to make further rulings on disputes over prices for the years 2021 and 2022. Additionally, it will address claims related to Gazprom's cessation of gas supplies to Poland in 2022. These ongoing legal battles are part of Gazprom's wider confrontations, with claims from European companies totalling at least €17bn ($20.05bn), as per Reuters' calculations. In a separate development, Orlen has signed its fourth contract with Ukraine's Naftogaz this year to supply 140 million cubic metres (mcm) of natural gas, sourced from the US. The gas will be regasified at the LNG terminal in Świnoujście, Poland, before being transported to Ukraine. The previous three contracts included a combined volume of approximately 300mcm of natural gas. The latest contract is a continuation of the commercial cooperation framework signed by Naftogaz and Orlen in March 2025, which focuses on the supply of natural gas LNG. Orlen management board vice-president Robert Soszyński said: "Thanks to our continually developed trading expertise, proprietary fleet of LNG transport vessels and reserved regasification capacities, we are well positioned to support Ukraine in diversifying both the sources and supply routes for natural gas. 'The summer period, which is crucial for replenishing storage facilities, adds to the importance of these deliveries. Our activities align with the European Union's REPowerEU objectives and even surpass them. Orlen not only ceased all Russian gas imports over three years ago, but today we are also in a position to assist neighbouring countries such as Slovakia and Ukraine on their path toward energy independence from Russia.' Earlier this week, Orlen announced the cessation of Russian oil purchases for its refineries, effectively ending its reliance on Russian energy resources. "Orlen may face nearly $300m bill after arbitration tribunal favoured Gazprom" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Reuters
18-06-2025
- Business
- Reuters
Poland's Gaz-System to get $593 million loan for country's floating LNG terminal
WARSAW, June 18 (Reuters) - Polish pipeline operator Gaz-System will receive a 2.2 billion zlotys ($593 million) loan from state bank BGK to finance the onshore segment of Poland's first floating storage and regasification unit near Gdansk, BGK said on Wednesday. The loan, sourced from European Union funds, will finance construction of a 250-km (155-mile) pipeline that will connect the terminal to the core of Poland's gas network, BGK Deputy President Marta Pustula told reporters. The loan will be repaid over 25 years, Pustula added. The floating storage and regasification unit will be based in the Bay of Gdansk and is expected to be completed in 2028. In January, Gaz-System completed the expansion of its LNG terminal in Świnoujście, increasing its regasification capacity to 8.3 billion cubic metres, which corresponds to nearly 50% of the annual gas demand of domestic consumers. ($1 = 3.7112 zlotys)
