Edison Scores $578m Discount for Qatar LNG
Source: www.gulfoilandgas.com 9/11/2012, Location: Europe
As of today the Court of Arbitration of the ICC – International Chamber of Commerce – has notified to Edison the award related to the dispute between Edison and Rasgas for the revision of the price of LNG (liquid natural gas) supplied under the long term contract from Qatar.
The Court decision has accepted the merits of Edison’s positions. The overall impact on 2012 accounts of Edison is estimated in 450 million euros on EBITDA.
The arbitration with Rasgas started in March 2011 within the renegotiation process of Edison’s long term procurement gas contracts. Currently are pending the arbitrations for the Libyan and Algerian gas contracts.
