DEPA, the Public Gas Corporation, is awaiting an ICC (International Court of Arbitration) ruling on a case filed last month against Botas, Turkey’s state-run crude oil and gas company, challenging price increases of Azerbaijain natural gas supplied to Greece by the Turkish firm. Two legal disputes between the firms are now pending.
DEPA’s new legal case has requested an examination of natural gas price increases made by Botas in 2011 and 2016, following its alleged disregard of international market condition changes as of 2009.
DEPA is hoping for a reduction in the price of Azerbaijani natural gas supplied by Botas, which has delivered gas to the Greek market since 2003. The Greek gas company’s decision to take its case to the ICC was seen as the only remaining option following previous efforts to resolve the pricing dispute.
A court decision concerning an older dispute between the two sides is also pending.
The latest dispute is rooted in a Botas demand imposed on DEPA for a return of a 300 million-euro sum concerning price revision differences from as far back as 2008. DEPA refused to pay this amount, prompting Botas to take legal action in 2011.
The Turkish firm was partially vindicated as the court set the amount to be returned by DEPA at just under 200 million euros. DEPA appealed this decision in 2016.