Eni has signed a heads of agreement with Statoil on the revision of the terms of its long-term gas supply contract. These revisions include amongst others pricing and volume.
The arbitration proceedings initiated by Eni are therefore suspended for 30 days, allowing the parties to complete a detailed agreement in the context of a constructive effort to address a changing European gas market, Eni said in a statement.
The HoA with Statoil is part of Eni’s effort to renegotiate all third-party gas supply contracts, with the target of achieving a competitive portfolio by January 1st, 2016, the company added.