Lithuania loses $1.6B compensation claim against Gazprom

The Associated Press

Lithuania says a Sweden-based arbitration court has rejected its 1.45 billion euros ($1.6 billion) compensation claim against Russian energy company Gazprom in a dispute over natural gas prices.

STOCKHOLM (AP) — Lithuania says a Sweden-based arbitration court has rejected its 1.45 billion euros ($1.6 billion) compensation claim against Russian energy company Gazprom in a dispute over natural gas prices.

Lithuania in 2012 said it had overpaid for gas since 2004, when Gazprom obtained a major stake in the Baltic country's largest gas importer and changed the formula for determining the gas price.

Lithuania's government on Wednesday said the arbitration court in Stockholm dismissed that claim, saying it wasn't possible to determine what a fair price would have been.

Prime Minister Algirdas Butkevicius said "we are disappointed by this ruling," while noting that Lithuania has dramatically cut its Russian gas imports in recent years.

Gazprom didn't answer calls seeking comment.

A court spokeswoman declined to comment, saying its proceedings are not public.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs