London, 27 November 2023, (Oilandgaspress) – Uniper has to pay 550 million euros ($600 million) to Italy’s Eni (ENI.MI), three trading sources said on Monday, as a result of an arbitration court ruling over a liquefied natural gas (LNG) supply contract that expired in 2022.
Uniper, Germany’s largest gas trader, late on Sunday disclosed the award, saying it had to make the payment to a European energy company without identifying it.
The arbitration proceedings, under the rules of the International Chamber of Commerce, began in early 2021 and relate to the pricing provisions of a long-term LNG supply agreement with the counterparty, Uniper said.
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