Georgiev, Todorov and Co. Law Offices has successfully consulted the major natural gas provider for Europe and Bulgaria – Gazprom export LLC (the client) regarding a dispute which lasted over five years with a large gas company in Bulgaria – Overgas Inc.

In 2018 the relevant ICC arbitration proceedings were closed and the award was fully in favour of our client. Georgiev, Todorov & Co. acted as the Local adviser along with Baker & McKenzie – acting as Lead Counsel in the ICC arbitration, provided legal advice on all matters related to the energy regulations and commercial legislation in Bulgaria, including the potential enforcement of the ICC arbitration award in Bulgaria.

In the end of January 2021, Gazprom export LLC and Overgas Inc. reached a mutually satisfactory final agreement on the settlement of all existing disputes and claims, as well as the sale of the shares of Gazprom Group in Overgas Inc. As a result of all the efforts and negotiations between the parties, the client received over EUR 100 million, and the litigation proceedings in the High Court of Justice in London previously initiated by the client were terminated upon the parties’ mutual agreement. Georgiev, Todorov & Co. provided full legal support to Gazprom export LLC for the final settlement of the long-lasting dispute and the finalization of the sale of shares of Overgas Inc.

The key position our client has in the energy market in Bulgaria and the success reached, is another proof for the exceptional professionalism and expertise of the leading lawyers in Georgiev, Todorov & Co.’s team working on the matter – Maria Derelieva and Tsvetelina Dimitrova.