Gazprom Drops Case Against Lithuania

Gazprom, the Russian gas giant, is dropping a court case against Lithuania after getting a profit from divestment.

The gas supplier issued a statement saying the company was withdrawing a complaint filed against the Baltic republic.

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

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"The claim was withdrawn, as Gazprom closed the transaction on selling KTE shares at a price which enabled to refund investments and make a reasonable profit," the company said.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

Lithuania has been examining its shale gas potential that could satisfy needs for the next 20 years,  but has encountered public opposition.