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QatarEnergy wins $570m ruling against Spanish firm

Endesa CEO Jose Bogas said the other party in the dispute was from Qatar, Nigeria or Algeria

QatarEnergy is the un-named company that will receive $570 million from the Spanish power utility Endesa after an arbitration ruling over a liquefied natural gas contract dispute, people familiar with the matter have told Reuters.

The Spanish firm said on Monday it would have to pay the sum to an unidentified liquefied natural gas (LNG) producer after a ruling by the International Court of Arbitration, part of the International Chamber of Commerce, in a dispute over a retroactive price adjustment.

Endesa said in its financial report in October that the “opposing party”, now identified as QatarEnergy, was seeking around $1.28 billion,.

QatarEnergy, which is state-owned, did not immediately reply to a request for comment outside of usual office hours.

An Endesa spokesperson declined to comment.

Earlier on Wednesday, Endesa’s CEO, Jose Bogas, said the other party in the dispute was from Qatar, Nigeria or Algeria.

“We are still calculating the impact but I believe a big part of it, something around $500 million, could be recouped with the new price mechanism on the same contract in two years and a half,” Bogas said, speaking on the sidelines of an event organised by Endesa’s parent company, Enel.

Qatar is the world’s leading LNG exporter, at a time when competition for LNG has increased because of the war in Ukraine. European countries in particular have rushed to offset dwindling pipeline imports from Russia with gas supplied by sea.

Spain has emerged a key European hub for Europe’s LNG imports, thanks to its extensive LNG infrastructure,.