Eni Demands $10.1 Billion from Statoil for Gas Overcharges

Italy’s Eni claims Norway’s Statoil overcharged for natural gas over the course of several years. According to a story published by business daily Dagens Naeringsliv on Friday, Eni demands $10.1 billion from the Norwegian company.

Eni started an arbitration process with Statoil over long-term of natural gas contracts after successfully renegotiating deals with Russia’s Gazprom and Algeria’s Sonatrach.

Two weeks ago, Eni CEO Paolo Scaroni underlined the difficulties of the renegotiations. 

The arbitration process, started in August, is expected to last 18 months. 

According to Dagens Naeringsliv, the dispute comes from a 1997 supply agreement that ties natural gas prices to oil.