The Arbitration Institute of the Stockholm Chamber of Commerce resolved to settle most of Gazprom’s claims against the Ministry of Energy of the Republic of Lithuania. The Ministry had filed a case with the Lithuanian court against Lietuvos Dujos and its top management in breach of the Shareholders Agreement.
The Stockholm Arbitration Institute protected the rights of Gazprom, as a shareholder of Lietuvos Dujos, having declared that the case filed with the Vilnius Court of Commercial Arbitration partially violated the Lietuvos Dujos Shareholders Agreement.
Moreover, the Arbitration Institute agreed with Gazprom that the Shareholders Agreement was the only document regulating changes in the terms and conditions of gas purchase and all other commercial relationships between Gazprom and Lietuvos Dujos, and the Lithuanian authorities did not have the right to turn to the Lithuanian court seeking a forced amendment to the previously agreed terms and conditions of the Russian gas purchase and transit. The Arbitration Institute also obliged the Lithuanian Ministry of Energy to give up their key allegations in the Vilnius Court trial coming to an end.
The decision taken by the independent Arbitration Institute affirmed Gazprom’s initial standpoint in the long-lasting dispute with Lithuania whereas the Lithuanian Ministry of Energy tried to settle commercial issues for its own benefit by bringing the case to Lithuanian court instead of independent arbitration according to the Lietuvos Dujos Shareholders Agreement.
LNG World News Staff, August 02, 2012