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Eni secures gas price reduction in new deal with GasTerra

  • Eni (E +0.9%) strikes a deal with Dutch firm GasTerra for long-term natural gas supplies at a lower price, as it renegotiates contract terms with various companies amid weaker demand in Europe.
  • Earlier this year, Eni threatened to take GasTerra, in which Shell (RDS.A, RDS.B) and Exxon (XOM) each own a 25% stake, to arbitration over contracts it said made long-term gas supplies unprofitable.
  • Eni is in arbitration with Statoil (STO) as it seeks changes to how much it pays for gas, but the outcome isn't expected for many months.
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