ENI demands $10 billion from Statoil in arbitration: report
OSLO (Reuters) - Italian energy firm ENI (ENI.MI) is demanding 60 billion Norwegian crowns ($10.1 billion) from Statoil (STL.OL), claiming it overcharged for natural gas over several years, Norwegian business daily Dagens Naeringsliv said on Friday.
ENI announced in August that it had started arbitration proceedings against Statoil to secure a significant price cut, but did not give any detail on its claim at the time.
Statoil and ENI could not immediately be reached for comment. A Statoil spokesman told the paper he would not comment on individual cases but said that arbitration was only a neutral party review of events in light of market conditions.
ENI in August said it had already concluded negotiations with Russia's Gazprom (GAZP.MM) and Algeria's Sonatrach, its key suppliers, and Statoil was the most difficult party.
The dispute stems from a 1997 supply agreement that ties natural gas prices to oil, the newspaper said.
Gas prices have fallen sharply across Europe in recent years as the continent's economic slump reduced demand, forcing many firms to idle gas fired power stations.
- Sierra Leone declares emergency as Ebola death toll hits 729 |
- Israel, Palestinian militant groups begin 3-day Gaza truce |
- Disappointment, uncertainty after India blocks WTO trade deal
- S&P500 index posts worst fall since April; indexes down for July
- Tesla expects to boost 2015 output to more than 60,000