The ICC (International Court of Arbitration) has issued a favorable verdict for gas utility DEPA in a case against Botas, Turkey’s state-run crude oil and gas company, challenging price increases of Azerbaijan natural gas supplied to Greece by the Turkish firm since 2011, the Greek gas utility has announced.
DEPA took its case to the ICC seeking to have a previous ruling overturned. The resulting retroactive cash inflow for the Greek gas utility could be close to 200 million euros. Also, the ICC decision will secure DEPA a lower supply price from now on, enabling a favorable revision of the gas utility’s prices offered to customers.
The legal dispute between DEPA and Botas stretches back to 2008 and has produced a variety of intermediate situations and verdicts.
The latest round was initiated in August, 2016 when DEPA submitted a price-revision request to Botas for a lower gas supply price.