Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Italy's Eni wins in arbitration case against Uniper -sources

Published 11/27/2023, 10:35 AM
Updated 11/27/2023, 10:40 AM
© Reuters. FILE PHOTO: The logo of Italian energy company Eni is seen at a gas station in Rome, Italy September 30, 2018.  REUTERS/Alessandro Bianchi/File Photo

LONDON/MILAN/FRANKFURT (Reuters) - Eni has won a $600-million award after an arbitration court decided in the Italian firm's favour and against Germany's Uniper in a row over a liquefied natural gas (LNG) supply contract, three trading sources said.

Uniper late on Sunday disclosed the payment it was ordered to make by the International Chamber of Commerce to an unnamed European energy company, only saying the affected long-term contract was concluded before its spin-off from E.ON in 2016 and had expired in 2022.

The 2017 annual report by the International Group of LNG Importers (GIIGNL) showed a 15-year contract under which Eni supplied Uniper with 0.65 million tonnes of LNG per annum between 2007 and 2022.

Uniper declined to comment. Eni was not immediately available for comment.

($1 = 0.9168 euros)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.