San Donato Milanese, 27 February 2014 - Eni has today signed a Heads of Agreement with Statoil on the revision of the terms of its long-term gas supply contract. These revisions include amongst others pricing and volume.
The arbitration proceedings initiated by Eni are therefore suspended for 30 days, allowing the parties to complete a detailed agreement in the context of a constructive effort to address a changing European gas market.
The HoA with Statoil is part of Eni's effort to renegotiate all third-party gas supply contracts, with the target of achieving a competitive portfolio by January 1st, 2016.
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