Advertisement

Italy's ENI hails energy deal with Norway's Statoil

AFP
AFP - [email protected]
Italy's ENI hails energy deal with Norway's Statoil
The deal is said to save ENI €1.0 billion ($1.4 billion) in 2014. Photo: ENI/Flickr

ENI chief executive Paolo Scaroni on Friday hailed an initial deal with Norway's Statoil to revise gas supply contracts as "a big success", as the Italian energy major seeks to lower purchasing costs.

Advertisement

"I feel calmer over the chances of keeping the promise made to the market of bringing all gas supply contracts to market prices by 2016," Scaroni was quoted by the Il Sole 24 Ore business daily as saying.

Arbitration proceedings initiated by ENI last year against Statoil over the gas contracts will now be suspended to allow the two sides to formulate a definitive agreement.

"The deal would save ENI €1.0 billion ($1.4 billion) in 2014," ENI said in a statement.

The Norwegian newspaper Dagens Naeringsliv last year reported that ENI was seeking $10 billion from Statoil for being sold natural gas at exorbitant prices.

The newspaper said the previous agreement had allowed Statoil to bill ENI for prices up to 50 percent higher than market prices.

SEE ALSO: Eni pulls plug on Polish shale gas: report

Don't miss a story about Italy - Join us on Facebook and Twitter

More

Join the conversation in our comments section below. Share your own views and experience and if you have a question or suggestion for our journalists then email us at [email protected].
Please keep comments civil, constructive and on topic – and make sure to read our terms of use before getting involved.

Please log in to leave a comment.

See Also