QatarEnergy is beneficiary of $570 mln ruling against Endesa - sources | Reuters
QatarEnergy is the company to which Spanish power utility Endesa (ELE.MC) will have to pay $570 million following an arbitration ruling over a liquefied natural gas (LNG) contract dispute, three people familiar with the matter told Reuters on Wednesday.
The Spanish firm said on Monday it would have to pay the sum to an unidentified LNG producer following a ruling by the International Court of Arbitration of the International Chamber of Commerce in a dispute over a retroactive price adjustment.
The opposing party was seeking around $1.28 billion, Endesa said in its financial report in October.
State-owned QatarEnergy didn't immediately reply to a request for comment outside of usual office hours.
An Endesa spokesperson declined to comment. Earlier on Wednesday, Endesa Chief Executive Jose Bogas said the other party in the dispute was from Qatar, Nigeria or Algeria.
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