Gas Natural Fenosa has today requested the commencement of arbitration proceedings for the return of the colombian company Electricaribe
(WorldNews Spain)

The multinational utility has chosen to pursue international arbitration before the United Nations Commission on International Trade Law (UNCITRAL). Colombia last week announced its decision to wind up Electricaribe, in which GAS NATURAL FENOSA holds an 85% controlling stake. The liquidation measure taken by Colombia is contrary to the spirit of deepening trade relations between the European Union and Colombia under their free trade agreement and has a negative impact on the climate required to propitiate flows of international investment. Despite initiating its arbitration proceedings today, GAS NATURAL FENOSA remains willing to continue its dialogue with Colombia to reach an agreement...