MOSCOW - Russian gas firm Gazprom has settled a prolonged price war with a Polish company peacefully, the energy giant said Tuesday.
"The negotiated price of the energy resources takes into account the current market prices for gas and oil products. The basic take-or-pay principal of the trade, long-term contracts as well as link to the oil's spot-market prices have not been questioned," Gazprom said in a statement.
The Russian supplier agreed to take market prices for natural gas into account while pricing sales to PGNIG, its polish customer.
Thus, Russian and Polish companies could close their dispute in the Stockholm Arbitrary Court which was opened in November 2011.
Initially, state-owned energy firm PGNIG demanded Gazprom to cut gas price by over 10 percent.
Russia sells gas to Poland for $420 per 1,000 cubic meters, with some 10.25 billion cubic meters of Russian natural gas having been sold to Poland in 2011.
Gazprom's European customers including EON and ENI have sought to review contracts with the Russian exporter after being forced to buy gas at prices linked to oil's lower spot-market rates.
PGNIG buys about two-thirds of its annual 14.4 billion cubic meters of gas from Gazprom, local media reported.
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