(MENAFN) The International Chamber of Commerce's court of arbitration had ruled in favour of Italian energy group Edison in its renegotiations for the pricing of its long-term LNG contracts with Qatar's RasGas, Reuters reported.
The victory comes a year after Edison won a similar case over Russia's Gazprom, paving the way for other European firms to secure cheaper energy and ease costs for cash strapped consumers.
The company said the court has ordered RasGas to sell its LNG to Edison at USD578 million discount.
European utility firms have been struggling to reduce the gas price they are under their long-term supply contracts, which tend to be indexed to the price of crude oil.
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