June 30, 2017 / 7:24 AM / a year ago

Norway appeals court rules in favour of government in $1.8 bln gas pipeline tariff case

OSLO, June 30 (Reuters) - A Norwegian appeals court on Friday ruled in favour of the government in a lawsuit brought by investors who argued Norway’s cut in gas pipeline tariffs was unlawful and would cost them 15 billion Norwegian crowns ($1.79 billion) in lost earnings through 2028, one of the plaintiffs said.

The decision upheld the 2015 verdict of a lower court, which said the government acted within its rights when it lowered tariffs for transporting gas through offshore pipelines, Njord Gas Infrastructure said in a statement.

The lawsuit was brought by Solveig Gas, Silex Gas, Njord Gas Infrastructure and Infragas, which hold a combined 44 percent stake in pipeline joint-venture Gassled.

The firms are owned by Allianz, UBS, the Abu Dhabi Investment Authority and the Canada Pension Plan Investment Board, among other investors. ($1 = 8.3742 Norwegian crowns) (Reporting by Lefteris Karagiannopoulos, writing by Nerijus Adomaitis, editing by Terje Solsvik)

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