Eni shares are falling on the stock market, down 0,74% at 16,02 euros by mid-morning. Tension over the outcome of the arbitration with Edison over price revisions for Libyan gas supplies is weighing on the price.
Edison is asking for a refund of approximately 800 million to Eni after having already obtained 250 in autumn 2012 due to the misalignment of gas prices envisaged in the contract with Eni with respect to the market.
The current arbitration is nearing its conclusion and, considering the oil giant's 2014 profit, which fell to 1,3 billion with an average crude oil price level significantly higher than current levels, Operators are concerned about Edison's massive compensation request for the 2015 financial statements..
Furthermore, the position of the arbitrator indicated by Eni is highly debated, Ugo 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 a member of the arbitration panel.
Eni's rules, however, establish that the grounds for illegitimacy or removal from the Supervisory Body are "conflicts of interest, even potential ones, with Eni that compromise its independence".
