Italy’s Eni Challenges European Oil-Linked Gas Prices

In a deal that could eventually lead to lower gas prices for Europe, Italian oil and gas giant Eni has renegotiated the terms of a long-term gas supply agreement with Norway’s Statoil and suspended a lawsuit over high gas prices. The new deal would see Eni pay market prices for gas, rather than inflated prices linked to oil—savings that would eventually make their way to European consumers. In return, Eni has temporarily suspended its $10 billion arbitration case against Statoil over high gas prices.“The arbitration proceedings…

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