OREANDA-NEWS The Finnish energy giant Gasum has terminated a long-term contract for the supply of pipeline gas with Gazprom Export. This is stated in the company's press release.

The agreement was valid until 2031. However, Gazprom actually stopped pipeline exports in May 2022, as a month earlier Gasum refused to comply with Russia's demand to pay for gas in rubles. After the supply was stopped, the Finnish company transferred the contract with Gazprom to the arbitration court.

In November, he ruled in this case, ruling that Gasum is not obliged to agree to a new payment scheme. The court also ordered the parties to continue negotiations on the contract "to resolve the situation."

Now these discussions have ended, Gasum said. "The parties were unable to resolve the situation within the deadline set by the arbitration court, and therefore, on May 22, 2023, Gasum terminated a long—term contract for the supply of natural gas with Gazprom Export LLC," the press release says. The company stressed that only the contract for the supply of pipeline gas was terminated — the agreement with Gazprom Export on the supply of liquefied natural gas (LNG) remains in force. Gasum receives LNG from NOVATEK's Cryogaz-Vysotsk project, where Gazprom is an export agent. Deliveries are paid in euros, as the presidential decree on settlements in rubles does not apply to LNG contracts.

However, in May it became known that Gasum stopped taking LNG cargoes intended for it from this project — this happened in early April.