Gazprom confirmed receipt of contract termination notice from Finnish Gasum
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Gazprom Export LLC confirms receipt of a notice from the Finnish company Gasum about the termination of a long-term contract for the supply of pipeline gas. The company is conducting a legal analysis of further steps in this matter,” the statement said.
Earlier that Gasum terminated agreement with Gazprom, the company said on its website. The report said that the long-term contract for the supply of liquefied natural gas (LNG) to Finland continues to operate.
The Finnish company recalled that in April 2022, Gazprom Export demanded that payments for gas supplies be made in rubles, and not in euros specified in the agreement. Gasum did not agree to this demand, and after “substantial disagreements” arose in May last year, Gazprom Export stopped supplying fuel to Finland, and Gasum referred the case to arbitration in Stockholm “in accordance with the contract.”
As a result, the arbitration court decided last November that Gasum was not obliged to pay for gas in rubles using the procedure proposed by Gazprom. The arbitration also ordered the parties to continue negotiations on the contract to resolve the situation and ruled that Gasum must pay Gazprom Export 300 million euros in connection with the failure to fulfill the take-or-pay obligation and interest for late payments.
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