PGNiG announced the withdrawal of the application on Tuesday. Due to the decision of the Russian group, the Arbitral Tribunal in Stockholm has suspended the arbitration proceedings relating to EuRoPol Gaz.
The case concerns a conflict that arose long before Russia’s aggression against Ukraine (The attack began on February 24.) Let’s recall that the invitation of Gazprom on February 2 relates to the alleged violation of the rights of the Russian company as a shareholder to receive dividends from EuRoPol Gaz’s profits. The second point relates to the alleged violation of rights arising from the corporate governance rules of Gazprom and members of the EuRoPol Gaz Board of Directors appointed by Gazprom. The second defendant in Gazprom’s tender offer is EuRoPol Gaz.
At the beginning of March, PGNiG responded to the bid offer, rejecting all claims on both substantive and procedural grounds.
EuRoPol Gaz owns the Polish section of the Yamal gas pipeline. PGNiG, directly and indirectly through its subsidiary Gas-Trading, owns 51.2%. Shares in the share capital of EuRoPol Gaz, the remaining 48.8%. It belongs to Gazprom. The accumulated profit of EPG from previous years, which can be allocated to dividends to shareholders, amounted to PLN 1.74 billion.
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