ROME, July 26 (UPI) -- Italian energy company Edison said it secured an improved natural gas deal with Gazprom after taking the Russian company to court.
Edison and Promgas, a joint venture between Italian energy company Eni and Gazprom, completed renegotiations on prices for the long-term supply of Russian natural gas.
"Today's agreement with Promgas confirms the commitments of our Russian partner to maintain a balanced long-term relationship and the competitivity of its product in the market," Edison Chief Executive Officer Bruno Lescoeur said in a statement.
Edison didn't disclose the terms of the deal but said the review was in part because of "the dramatic decrease" in prices for natural gas on the Italian market.
The company added that the agreement gives it an opportunity to emerge from complications brought on by long-term take or pay commitments.
Edison filed a lawsuit against Promgas in a Stockholm arbitration court arguing it lost money when it bought its natural gas from Gazprom because of declining market values.
The agreement, Edison said, "terminates such arbitration."
