Clyde&Co and Foley Hoag acted on behalf of the Public Gas Corporation of Greece S.A. in an ICC gas pricing arbitration against the Turkish state-owned energy company Boru Hatlari Ile Petrol Ta?ima A?.
As the press reports, an eminent Stockholm-seated arbitral tribunal has revised the contract price at which natural gas is supplied to Greece and has realigned the contract price with the appropriate gas price reference, retroactively from 2011.
The Tribunal’s decision has brought the contract price back into line with the market. It is a huge boost in particular for Greek industry which is still recovering from the recent financial crisis and needs competitive fuel prices. The decision is also expected to impact gas prices and their structures more generally in South Eastern Europe.
International arbitration Partner Devika Khanna (Picture) and team have secured the landmark win.
Foley Hoag assisted in the matter with the help of Christina Hioureas, International Litigation & Arbitration counsel and chair of the firm’s United Nations practice group.