MOSCOW, January 9 (RAPSI) – Shareholders of Lithuanian gas giant Lietvuvos Dujos will consider on January 30 the Lithuanian Energy Ministry’s proposal to initiate arbitration proceedings against Russia’s Gazprom over gas prices, the company announced on Thursday through the Vilnius Stock Exchange Information Network.
“The arbitration proceedings will be ceased if the company reaches an amicable contract with Gazprom, which will be approved by the board of directors,” the statement reads.
In October 2012, Lithuania filed a EUR 1.5 billion claim against Gazprom with the Arbitration Institute of the Stockholm Chamber of Commerce.
The Lithuanian Energy Ministry claimed that Gazprom agreed to supply natural gas to Lithuania at fair prices based on a price formula stipulated in a gas supply and privatization contract signed by Lietuvos Dujos and Gazprom in 2004.
However, gas prices grew considerably from 2004 to 2012, as the calculations for the price were changed in violation of the privatization contract.
Gazprom owns a 37.1 percent stake in Lietuvos Dujos, while Germany's E.On Ruhrgas holds a 38.9 percent stake, the Lithuanian State Property Fund owns 17.7 percent, and other individuals and entities own a 6.3 percent stake.
Gazprom is currently the only supplier of natural gas to Lithuania.