Gazprom seeks international arbitration against Lithuanian Government
Gazprom was forced today to seek international arbitration under the UNCITRAL Rules against the Lithuanian Government to protect the Company’s investments in the Republic of Lithuania.
The relevant statement was made today by Gazprom’s spokesman at the meeting of the Lietuvos Dujos Board during the vote on dividing Lietuvos Dujos in line with the requirements of the Lithuanian legislation regarding the natural gas industry.
“Gazprom hopes that the accords reached on February 27, 2012 will be implemented before the Lietuvos Dujos Shareholders Meeting in order to avoid legal proceedings,” said Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee.
Lietuvos Dujos deals with gas purchase, transmission and distribution in the Republic of Lithuania as well as with Russian gas transit to the Kaliningrad Oblast. Gazprom holds a 37 per cent stake in the company.
During the meeting dated February 27, 2012 Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee, Andrius Kubilius, Lithuanian Prime Minister and Philip Lowe, European Commission Director General for Energy resolved to continue the dialog surrounding the issues of the Third Energy Package provisions application to Lietuvos Dujos. Moreover, a decision was taken to formulate a detailed list of the issues of concern and to elaborate the Roadmap on cooperation in the gas sector.
Established in 1966, the United Nations Commission on International Trade Law (UNCITRAL) is a UN General Assembly subsidiary body targeted at promoting the international trade law development.