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Gazprom drops claim against Lithuania

March 26, 2013 at 7:34 AM

MOSCOW, March 26 (UPI) -- Russian energy company Gazprom announced it was withdrawing a complaint filed against a Lithuanian company after getting a profit from divestment.

Lithuania last year said it was contesting the prices of a gas formula set by Gazprom in a case at the Stockholm Arbitration Court. Russia is the country's only source of natural gas and Gazprom last year supplied more than 116 billion cubic feet of natural gas to Lithuania.

Gazprom said it was withdrawing a claim it filed against Lithuania at the International Court of Arbitration for a breach of contract related to tariffs on Lithuanian company Kauno Termofikacijos Elektrine.

"The claim was withdrawn, as Gazprom closed the transaction on selling KTE shares at a price which enabled to refund investments and make a reasonable profit," the company said.

Last year, the European Commission launched a monopoly investigate into Russian energy company Gazprom's operations in the region.

Countries in Eastern Europe are looking to break the grip that Russia has on the energy sector. Lithuania is examining a shale natural gas potential that could satisfy the needs for the next 20 years.

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