Foley Hoag Successfully Represents Public Gas Corporation of Greece (DEPA) in a Longstanding ICC Gas Pricing Dispute
January 27, 2020
Foley Hoag, together with co-counsel, secured a complete victory for the Greek State-owned has company, the Public Gas Corporation of Greece (DEPA), in a longstanding series of gas-pricing International Chamber of Commerce (ICC) arbitrations against the Turkish State-owned gas company, Boru Hatları İle Petrol Taşıma Anonim Şirketi (BOTAS).
The dispute arises from the Greece-Turkey Interconnector Pipeline Treaty, concluded in 2000, and related gas supply and purchase agreement. As reported in the press, both agreements were part of the effort to establish the “Southern Gas Corridor” to diversify Europe’s sources of energy and to promote economic interdependence between the two contracting States. The award resulted in the application of a revised gas price which will result in a significant retroactive payment and a reduction prospectively. As quoted in the Global Arbitration Review, Hioureas says, “The application of the revised price of gas will not only have a significant positive effect on the Greek energy market, but also on the Greek economy more generally.”
Christina Hioureas, counsel in the firm's International Litigation & Arbitration practice and chair of the firm's United Nations practice group, was involved in this matter. Hioureas specializes in the representation of States and State-owned entities, including in oil & gas pricing and supply, photovoltaic, petrochemicals, construction, trade, and joint venture disputes.
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