Italian energy company Edison has secured in arbitration a €450mn ($587mn) discount on the liquefied natural gas (LNG) supplies it receives from Qatar’s RasGas under the terms of a long-term contract signed in 2008. This outcome, analysts feel, could set the tone for other European firms to review their existing supply contracts with a view to ensuring cheaper energy in the future.

“The Court of Arbitration of the ICC – International Chamber of Commerce – has notified to Edison the award related to the dispute between Edison and RasGas for the revision of the price of LNG (liquid natural gas) supplied under the long term contract from Qatar,” the Italian firm said. (CONTINUED - 625 WORDS)