The supply contract was concluded on a take-or-pay basis, but current spot fuel prices in Europe are significantly lower than those obtained from the terms of the contract with Gazprom. It was not possible to reach an agreement with the supplier to bring the terms of the contract into reality, so the Greek company decided to act through the courts.
“Commercial negotiations are currently ongoing, they have not stopped, but the company has taken the next step – it has applied to arbitration,” Xifaras explained.
Greece remains one of the last major buyers of Russian gas in Europe. The contact with DEPA was signed in January 2022, even before the outbreak of hostilities in Ukraine. At that time, the company called the prices offered very competitive, but over the past two years, Europe has managed to achieve a sharp reduction in gas prices.
One of DEPA’s arguments was the prices for another Greek client of Gazprom, who was able to reduce payments. However, the disadvantage of their position was the failure to fulfill the “take or pay” condition in 2022 and 2023.
As the publication notes, DEPA can count on success, including due to the attitude towards Gazprom in Europe in recent years. The Russian company is not under sanctions, but even hiring lawyers to represent its interests will not be easy.
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2024-03-30 01:11:36
