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)
(Reporting by Marwa Rashad, Francesca Landini and Christoph Steitz; Editing by Miranda Murray)