A Stockholm arbitration tribunal's oral hearing for Lithuania's suit against Russia's gas supplier Gazprom was completed on Thursday after the parties to the dispute made their closing statements.
© Reuters/Scanpix

The parties now have until late September to submit their post-hearing briefs, the Energy Ministry said on Friday, adding that the arbitration tribunal is expected to deliver its judgement next year.

"Lithuania argues that Gazprom should compensate for the damage suffered by Lithuanian consumers due to being charged an unfair price for gas for several years. I believe that the arguments we presented are quite strong," Lithuanian Energy Minister Rokas Masiulis, who attended the hearing in Paris, said in a press release.

Lithuania turned to the Arbitration Institute of the Stockholm Chamber of Commerce in October 2012, seeking around 1.4 billion euros in compensation from Gazprom for overcharging Lithuanian gas consumers for gas supplies between 2004 and 2012.

After Lietuvos Dujos (Lithuanian Gas) threatened to file a new arbitration claim, Gazprom in May 2014 reduced, by around 20 percent, the price for gas supplies to the company, which at that time supplied gas to all household consumers and a part of commercial consumers in the country, in 2013 through 2015.

BNS
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