August 1, 2019 / 2:47 PM / 2 months ago

Eni recoups 1 bln euro bank guarantee after arbitration ruling with GasTerra

MILAN, Aug 1 (Reuters) - Italy’s Eni has recouped a 1 billion euro ($1 billion)bank guarantee it stumped up three years ago after winning an arbitration ruling against Dutch gas wholesaler GasTerra, an Eni spokesman said on Thursday.

Last Friday, Eni said GasTerra’s long-standing claim for a price adjustment to gas delivered in the period October 2012 –September 2015 had been dismissed in a first-phase arbitration.

“Eni’s victory in the arbitrage with GasTerra had no economic or financial impact on first-half results,” the spokesman said, adding the group had always considered any charge in that regard as unlikely. ($1 = 0.9058 euros) (Reporting by Stephen Jewkes, editing by Valentina Za)

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