Statoil wins $536m Algerian gas supply claim
- 17 May 2014
| 4 minute read
London’s Commercial Court has upheld a $536m award in favour of Norway’s Statoil and against Algeria’s Sonatrach in a dispute over the non-delivery of liquefied natural gas (LNG). The ruling is a further embarrassment to Sonatrach after a year in which it has lost a series of arbitrations with gas offtakers, mostly related to pricing. At first sight, the ruling appears to confirm concerns about Algeria’s ability to meet its international gas supply commitments. However, a closer analysis shows that the dispute is also the result of dysfunctional management at the most senior level in both Sonatrach and the Ministry of Energy and Mines.
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