Italian energy firm ENI is demanding 60 billion Norwegian crowns ($10.1 billion) from Statoil, claiming it overcharged for natural gas over several years, Norwegian business daily Dagens Naeringsliv.

ENI announced in August that it had started arbitration proceedings against Statoil to secure a significant price cut, but did not give any detail on its claim at the time, according to Reuters.

Statoil and ENI could not immediately be reached for comment. A Statoil spokesman told the paper he would not comment on individual cases but said that arbitration was only a neutral party review of events in light of market conditions.

ENI in August said it had already concluded negotiations with Russia’s Gazprom and Algeria’s Sonatrach, its key suppliers, and Statoil was the most difficult party.

The dispute stems from a 1997 supply agreement that ties natural gas prices to oil, the newspaper said.

Gas prices have fallen sharply across Europe in recent years as the continent’s economic slump reduced demand, forcing many firms to idle gas fired power stations.

Autor: Bogdan Tudorache

Active in the economic and business press for the past 26 years, Bogdan graduated Law and then attended intensive courses in Economics and Business English. He went up to the position of editor-in-chief since 2006 and has provided management and editorial policy for numerous economic publications dedicated especially to the community of foreign investors in Romania. From 2003 to 2013 he was active mainly in the financial-banking sector. He started freelancing for Energynomics in 2013, notable for his advanced knowledge of markets, business communities and a mature editorial style, both in Romanian and English.