The arbitration initiated by Eni against the Dutch company GasTerra for a revision of the contractual gas supply price in the period 2012-15 ended with a ruling by the arbitration board which did not accept Eni's request for a price revision, without however determine the new price applicable to the contract in the reference period. This was reported by Eni, explaining that GasTerra believes that the arbitration award restores the original contractual price, and on the basis of this it is now asking Eni to pay an additional sum.
Also on the basis of the opinions of its external consultants, Eni does not consider this interpretation to be correct, which therefore will have no effects on the half-yearly accounts, and has rejected the request for payment of this adjustment, requesting that negotiations be undertaken in good faith to agree on the scope of the audit price 2012.
However, based on its interpretation of the award, GasTerra initiated an arbitration procedure and requested and obtained from the Dutch judge a provisional precautionary measure for the seizure, in particular, of the equity investment in Eni International BV held by Eni spa until up to the amount of the adjustment requested (equal to 1,01 billion).
"This provision, granted after a summary analysis, without discussion with Eni and notified today to Eni International BV, does not prejudge the decision on the merits of the dispute", underlines the Italian company, adding that it considers "GasTerra's request unfounded" and announcing that “it will promote all actions to protect the company. With regard to the precautionary measure obtained by GasTerra, Eni is considering its position regarding the provision pending the arbitration procedure. Eni will also request to be compensated for any damage caused by the legal actions of GasTerra".
