Moscow — Russia’s Gazprom and Italy’s Eni have signed an agreement to revise the terms of their existing long-term gas supply contracts and drop arbitration proceedings, the companies said on Friday.
The deals come amid gas crisis in Europe, which has seen prices hit all-time highs against a backdrop of low inventories and economic recovery.
Gazprom initiated arbitration against Eni over terms of Russian gas supply deals last year.
“The disputes between the parties are settled, the ongoing arbitration proceedings will be terminated,” Gazprom Export, the exporting arm of Gazprom, said in a statement following amendments to the supply deals.
Financial details were not disclosed.
Gazprom has three long-term gas supply agreements with Eni, its main client in Italy, to which it has raised gas deliveries by over 16% since the start of the year.
Reporting by Vladimir Soldatkin; editing by Jason Neely