Eni may seek up to $10 billion from Statoil in gas dispute

Italian oil and gas group Eni (ENI.MI) said it may demand as much as $10 billion from Norway's Statoil (STL.OL) in arbitration in one of the biggest cases ever over expensive long-term gas contracts. Eni started arbitration proceedings against Statoil in August. Chief Executive Paolo Scaroni said on Thursday that a recent Norwegian media report that it was demanding $10 billion was "probably true". The dispute stems from a 1997 supply agreement that ties natural gas prices to refined oil products, a common practice in the past that has proven expensive as European spot gas prices have fallen relative to oil prices.

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