CEZ initiates arbitration against Gazprom over damages worth Kc1bn

CEZ initiates arbitration against Gazprom over damages worth Kc1bn

Prague, Feb 9 (CTK) - Czech energy group CEZ formally launched arbitration proceedings against Russia's Gazprom over reduction of natural gas supplies last year, seeking compensation for damages of around Kc1bn, CEZ spokesman Ladislav Kriz told CTK today.

The possibility of arbitration was mentioned last October by Daniel Benes, chairman of the board of directors and CEO of CEZ.

"The Geneva-based arbitration will be decided by a three-member arbitration tribunal," Kriz said.

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