01.11.2017 Statement by PGNiG SA on the start of another renegotiation of gas prices from the PAO Gazprom and OOO Gazprom Export

PGNiG SA continues its gas price review proceeding against PAO Gazprom and OOO Gazprom Export in the Stockholm Arbitration Court, for gas delivered, since November 1, 2014, under the long-term gas supply contract of September 25th 1996.

PGNiG SA expects the dispute to be settled within the upcoming few months. The time schedule of the arbitration proceedings has been extended, as a result of an illness of the arbitrator appointed by PAO Gazprom and OOO Gazprom Export.

Aside of the ongoing arbitration, on November 1, 2017 PGNiG SA submitted an application to PAO Gazprom and OOO Gazprom Export for an initiation of an additional, new process of renegotiation of the contract price, for gas delivered under the above-mentioned long-term contract as of November 1, 2017.

Both processes are independent from each other.