Edison Wins Arbitration with ENI on Libyan Gas
Source: www.gulfoilandgas.com 10/1/2012, Location: Africa
The Court of Arbitration of the ICC – International Chamber of Commerce - has notified to Edison the award related to the dispute between Edison and ENI for the revision of the price of the long term gas contract from Libya.
The Court has evaluated the price review requested by Edison in 2010 formally and substantially valid, fully accepting the merits of Edison’s positions. The overall impact on 2012 accounts of Edison is estimated in more than 250 million euros on EBITDA.
The Court will decide on interests, legal costs and on the exact amount due by ENI for the retroactive period.
Currently the arbitration for the Algerian gas contract is pending. The conclusion of this process is expected in 2013.
