Baltic States – CIS, Energy, EU – Baltic States, Gas, Legislation, Lithuania

The sides presented their positions in writing earlier. Oral hearings will last until 10 July, afterwards, the arbitration court will begin deliberations on the case and pronounce a judgement. The verdict is expected to be delivered next year.

"Lithuania is seeking for compensation from Gazprom because it applied unjust gas prices for years, whereas it had committed to supply gas for a fair price. We believe Gazprom violated its commitment and we have overpaid for gas," said Energy Minister Masiulis.

Lithuania brought proceedings against Gazprom to Stockholm arbitration in 2012. When Gazprom acquired shares of Lithuanian gas company Lietuvos Dujos in 2004, it committed in the privatisation agreement to supply gas for a fair price. However, the price was increased many times, disregarding commitments and provisions established in the acquisition agreement. In 2011 Gazprom declared that gas prices would be reduced to Estonia and Latvia, but not Lithuania, as it was implementing the European Union's Third Energy Package.

International energy experts estimate that Lithuania overpaid for gas nearly EUR 1.4 billion throughout the whole period.