From repeated setbacks affecting the further development of Nordstream 2 to slackened Chinese demand affecting the completion of the Power of Siberia, to the $1.5 billion arbitration loss against the Polish PGNiG, Gazprom can be excused for possibly thinking the world has turned against it.
Now the company is seeking to retroactively raise the price of gas sold to Poland since 2017. The Poles seem an unlikely candidate to consent to a price rise going back several years, though according to Reuters it is not uncommon for Gazprom to change contract prices retroactively if spot prices have changed significantly or there have been other developments in the market.
The arbitration ruling holds that Gazprom must pay PGNiG by 1 July and if it can persuade the Poles to agree to a price rise this would have a positive impact on its balance sheet.
"In line with the contract, the companies are in talks to revise (gas) prices dating back to 2017. Gazprom Export believes there are enough grounds to revise the price upwards," the Russian company said. Gazprom also said it would appeal the arbitration ruling.
Poland is trying to reduce its reliance on Russian energy imports, where it gets more than a half of the gas it consumes.