The Stockholm Court of Appeal ruled in favor of DEPA Commerce, rejecting the lawsuit of the Turkish company BOTAS against the decision of the International Court of Arbitration (ICC) of 2020.
“This latest development, which is the result of the coordinated actions of the legal service of DEPA Commerce, its external legal associates, but also its executives, confirms the justification of the Greek Company by the arbitral tribunal which had decided to retroactively reduce the supply price of natural gas “, the company states. In accordance with the arbitral award, the Turkish gas company had paid to DEPA on March 5, 2020, the total of the retroactive charges and the Greek company, in turn, a month later, returned to its customers the amounts corresponding to each from them.
The total amount returned to DEPA customers amounted to 120 million euros, being a significant injection of liquidity for the domestic energy market, in a difficult situation in the midst of a coronavirus pandemic.
The Stockholm Court of Appeal’s decision puts an end to the trade dispute between the two companies, which began in 2009, over the adjustment of the contract price of natural gas.
Source: Capital
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