Bulgargaz Seeks 400 Million Euros from Gazprom in Arbitration Claim

Bulgargaz, Bulgaria's state gas supplier, has initiated legal proceedings against Gazprom, the Russian energy giant, seeking 400 million euros in compensation for damages caused by the unilateral suspension of natural gas supplies over two years ago, by the end of April 2022, reports BNT.

The arbitration claim was lodged recently at the International Chamber of Commerce's Arbitration Court in Paris, as confirmed by the Bulgarian gas supplier.

According to Bulgargaz, in late May 2024, the company formally invited Gazprom Export to resolve the issue amicably, as stipulated in their contract. However, following the Russian side's failure to engage in settlement talks, Bulgargaz proceeded to take legal action to safeguard its interests.

The International Chamber of Commerce's Arbitration Court in Paris, renowned for its authority in handling international commercial disputes, will adjudicate on the case.

This legal action highlights the complexities and tensions inherent in energy supply agreements between nations and multinational corporations. Bulgargaz's initiative seeks not only financial compensation but also seeks to uphold the contractual obligations and accountability in international business dealings.

The outcome of this arbitration case could have broader implications for energy relations between Bulgaria and Russia, as well as setting precedents for similar disputes in the energy sector globally.

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Bulgargaz is Bulgaria's state-owned natural gas supplier, responsible for importing, distributing, and selling natural gas across the country. As a key player in Bulgaria's energy sector, Bulgargaz plays a pivotal role in ensuring the nation's energy security and meeting the demand for natural gas among...