A group of international investors will appeal against a ruling by an Oslo court regarding Norway’s decision to cut natural gas pipeline tariffs for the 8,000-km (5,000-mile) Gassled gas pipeline network, reported Reuters.
The investors in question – four firms owned by funds including Allianz, UBS, the Abu Dhabi Investment Authority and the Canada Pension Plan Investment Board – protested that the decision would cost them $1.8 b in lost earnings by 2028.
They argue that Norway illegally cut fees on the Gassled pipeline. At stake is Norway’s reputation as predictable place to do business since even the court ruling said that the Oil and Energy Ministry had not provided full information to the buyers and sellers regarding how the tariffs could be changed.
According to Trade Arabia, in Norwegian law the losing party will most often be told to pay the winner’s legal fees.
In the case of the Gassled lawsuit, however, the government was partly to blame for the fact it had gone to trial, the court said, ruling that the parties should pay their own legal costs.
“The ministry is to blame for this, but following an overall assessment the court concludes that the actions of the ministry’s leadership can’t be regarded as qualifying negligence which according to the law is a condition for triggering liability,” the ruling stated.