Gazprom and Turkmegas close the case in the Court of Arbitration

Gazprom and Turkmengas have signed an agreement to withdraw proceedings in the Court of Arbitration to review the price for gas supplies, the news outlet Prime reports with reference to the report of the Russian gas company for the first quarter. According to the report, the document was signed on 31 January 2019, but the information was not disclosed.

Let us recall that the Turkmen gas supplies to Russia were resumedon 15 April, 2019. As of now the agreement on supplying over 1 billion cubic meters of gas until end of June 2019 was signed. Other details pertaining to the volumes of gas supplies and the prices are not yet available.

The negotiations, which have been underway since the autumn of 2018, were preceded by a conflict between Gazprom and Turkmengaz. For a few years the sides threatened each other with filing a lawsuit in the International Court of Arbitration.

In 2015 Turkmengaz said that Gazprom had not settled payments and announced the Russian holding insolvent. In response, Gazprom filed a lawsuit to Stockholm Court of Arbitration demanding that price for Turkmen gas supplies be reviewed and $5 billion of overpaid amount be refunded.

Source: Chronicles of Turkmenistan