Russia 's OAO Gazprom (GAZP.RS) will likely cut the prices of natural gas it charges Poland 's state-controlled gas firm PGNiG SA (PGN.WA), daily Rzeczpospolita reports Wednesday, citing Gazprom's deputy chairman of the executive board, Alexander Medvedev.

Poland relies heavily on Russia to cover its gas needs, importing from Gazprom about two-thirds of the gas it consumes. Because of that dependence and its current inability to import gas from other areas, Poland pays what it describes as excessive prices for Russian gas.

PGNiG, which imports over 60% of its annual gas sales, mainly from Russia , has filed an arbitration claim in Stockholm against Gazprom and its exporting subsidiary, but hasn't disclosed its exact price demands.

"We are indeed in an arbitration dispute with Poland ," Mr. Medvedev is quoted as saying at a conference in Moscow Wednesday. "I'm sure we're nearing the end of negotiations and that the price will be corrected lower."

Gazprom agreed in January to lower the price to several European importers, but not PGNiG, by an undisclosed amount due to changing market conditions.

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