Endesa's CEO Optimistic About $585 Million Nigerian LNG Contract Arbitration
(Reuters) — Endesa CEO Jose Bogas said on Wednesday he was optimistic about the outcome of a $585 million arbitration case related to a price review of a long-term liquefied natural gas (LNG) supply contract in Nigeria.
"We believe we have a strong case, which leads us not to set aside any provision. That said, we have opened talks with Nigeria to see if we can reach an agreement," Bogas told reporters during a news conference to discuss the Spanish power utility's annual profit.
The arbitration case had already been disclosed in the company's financial documents, but the counterparty was unnamed, and this is the first time that Endesa has said it is related to LNG from Nigeria.
Earlier on Wednesday, Chief Financial Officer Marco Palermo said the disputed contract was for 1 billion cubic meters of gas a year, expiring in 2026.
In November, Endesa was ordered to pay $570 million following an arbitration ruling over a liquefied natural gas (LNG) contract dispute with QatarEnergy.
The company, which had also expressed optimism about the arbitration with QatarEnergy, had said earlier on Wednesday the lower demand for natural gas and retail price decline had hurt its profitability in 2023.
Related News
Related News
- Trump Aims to Revive 1,200-Mile Keystone XL Pipeline Despite Major Challenges
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
- ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
- ONEOK Agrees to Sell Interstate Gas Pipelines to DT Midstream for $1.2 Billion
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Tullow Oil on Track to Deliver $600 Million Free Cash Flow Over Next 2 Years
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- GOP Lawmakers Slam New York for Blocking $500 Million Pipeline Project
- Texas Oil Company Challenges $250 Million Insurance Collateral Demand for Pipeline, Offshore Operations
Comments