March 22, 2017 / 11:17 AM / a year ago

Spain's Gas Natural to seek at least $1 bln over Electricaribe

MADRID, March 22 (Reuters) - Spain’s Gas Natural said on Wednesday it would seek at least $1 billion in compensation in Colombia after the government ordered the liquidation of the affiliate saying it was failing to provide the services required.

Gas Natural has a 85 percent stake in Electricaribe and has asked the Colombian government for a way to continue trading in the country.

The company took the appeal to the United Nations Commission on International Trade Law (UNCITRAL), calling for Electricaribe to be returned or the payment of at least $1 billion, according to a preliminary valuation. (Reporting by Jose Elias Rodriguez; Writing by Paul Day)

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