Eni said it has signed the final detailed agreement with Statoil on the revision of the terms of its long-term gas supply contract. This revision reflects the changed conditions of the gas market, the company said in a statement.
The final agreement, which follows the Heads of Agreement signed on 27 February 2014, implies the end of the arbitration proceedings previously initiated by Eni.
The agreement with Statoil, which is particularly important considering recent international political developments, is part of Eni’s effort to renegotiate all third-party long-term gas supply contracts, with the target of achieving a competitive portfolio by 1 January 2016, the company added.
[mappress] Press Release, April 1, 2014; Image: Eni