GasTerra Wins Gas Price Review Arbitration Against Eni

De Brauw Blackstone Westbroek has advised GasTerra, an international company trading in natural gas, on a USD 1.1 billion UNCITRAL award against Italian energy company Eni in a dispute over the price payable under one of two long-term gas supply contracts. GasTerra claimed a price increase because of the exceptional oil price increase between 2002-2006. Two arbitrations were started under the ICC and UNCITRAL rules. In phase one of the arbitrations, GasTerra's claim that the price should be increased was allowed, but Eni's counterclaims for a price decrease were denied. The arbitrations continued after parties failed to reach agreement on the extent of the price increase. The tribunal in the UNCITRAL arbitration awarded GasTerra a price increase, equaling approximately EUR 850 million. The increased price applies to future deliveries under the contract as well. A dispute between the same parties over the price under their other gas supply contract is pending before an