Eni's share slipped on the Stock Exchange, dropping 0,74% in mid-morning to 16,02 euros. The tension over the outcome of the arbitration with Edison for the revision of prices on Libyan gas supplies weighs on the price.
Edison is asking for a refund of about 800 million to Eni after having already obtained 250 in autumn 2012 due to the misalignment of the gas prices envisaged in the contract with Eni with respect to the market.
The current arbitration is nearing its conclusion and, considering the 2014 profit of the oil giant, which fell to 1,3 billion with an average level of the price of crude oil significantly higher than current levels, operators are looking with concern at Edison's maxi request for compensation for the 2015 financial statements.
Furthermore, the position of the arbitrator indicated by Eni is much discussed, Hugh Draetta, appointed last May as an independent member of the oil giant's law 231 supervisory body, a role he assumed when he was already part of the arbitration board.
However, Eni's rules establish that the reason for illegitimacy or forfeiture of the Supervisory Body are "conflicts of interest, even potential ones, with Eni that compromise its independence".
