An arbitral tribunal to evaluate the price of natural gas

Gasum and the Russian gas company Gazprom have been negotiating the purchase price of natural gas since the beginning of 2014. The companies have not found a consensus on the price and, according to the agreement between the companies, Gasum has taken the matter to arbitral tribunal, in order to ensure that the purchase price of gas is in accordance with the agreement in this market.

An arbitration process is customary in situations like this and there are several similar cases in Europe, in which a third neutral party has been included in the negotiations.

Natural gas is a versatile fuel that enables significant and cost-efficient reductions on emissions in both industry and land and marine transportation.

In order to utilize the full benefits of gas, it is important to ensure its competitiveness. The current purchase agreement allows for a price revision in three-year cycles. Gasum has sought to improve the competitiveness of gas price by negotiating the purchase price with Gazprom Export.

“Negotiations are ongoing and our aim is to reach an agreement, which enables us to ensure a competitive fuel for our customers”, says Gasum CEO Johanna Lamminen.

For further information:

Johanna Lamminen, Chief Executive Officer, Gasum
Phone: +358 20 44 78 661 (Henna Walker, Executive Assistant)

Olga Väisänen, Director, Communications, Marketing and Corporate Responsibility, Gasum
Phone: +358 20 4478 628 firstname.surname(a)gasum.fi