The agreement – also known as the Yamal contract – was originally concluded on 25 September 1996. According to the statement, the termination will become effective as of 31 December 2022.
In accordance with the provisions of the Yamal contract, three years prior to its original termination date (i.e. by 31 December 2019), the parties are required to submit a declaration whether or not they intend to continue their contractual relationship beyond 2022.
Piotr Wozniak, President of the PGNiG Management Board, said: “In line with the Republic of Poland’s aspiration to achieve security of energy supplies and seeking to deliver the PGNiG Group’s current strategy, over the past four years we have taken a number of important steps to diversify the sources of natural gas supply to Poland. We have concluded long-term LNG supply contracts and have been acquiring natural gas deposits on the Norwegian Continental Shelf, which, combined with the activities of the transmission system operator to expand the gas pipeline system, makes it possible for us to terminate the Yamal Contract on the originally set date.”
Read the article online at: https://www.lngindustry.com/regasification/18112019/pgnig-to-terminate-yamal-contract-from-31-december-2022/