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UPDATE 1-Sinopec serves $5.5 bln arbitration notice to Repsol

Published 2016-06-17, 04:08 a/m
© Reuters. UPDATE 1-Sinopec serves $5.5 bln arbitration notice to Repsol
REP
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(Adds details and background)
MADRID, June 17 (Reuters) - Chinese energy conglomerate
Sinopec 600028.SS has served an arbitration notice to Spain's
Repsol REP.MC demanding around $5.5 billion in compensation
over a 2012 joint venture, Repsol said on Friday.
Sinopec and subsidiary Addax Petroleum UK are seeking
compensation for their initial investment and lost investment
opportunities stemming from a North Sea oil and gas fields
venture deal with a firm called Talisman which Repsol bought in
2014.
The claim has no foundation and is deemed a remote risk by
legal advisers, Repsol said.
"The arbitration notice is unfounded and does not reflect
the loyal attitude one would expect from a partner," it said in
a statement.
Repsol reported a loss last year and has slashed its
dividend. It has announced a 40 percent cut in exploration and
production investment and asset sales in a bid to protect its
investment grade credit rating.
Talisman has cut hundreds of jobs at loss-making joint
venture Talisman Sinopec Energy UK (TSEUK) due to falling
production and rising operating costs.

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