REPSOL VS SINOPEC: $5.5 BLN
WSJ wrote, Repsol SA said it faces a $5.5 billion arbitration claim from Chinese state-controlled energy company Sinopec.
The claim relates to a U.K. joint venture between the Chinese and a Canadian firm which the Spanish oil producer acquired last year.
Sinopec International Petroleum Exploration and Production Corp. and its subsidiary Addax Petroleum U.K. Ltd. have initiated arbitration proceedings against Talisman Energy Inc.--today known as Repsol Oil & Gas Canada Inc.--for the repayment of their investment in the joint venture in 2012, Repsol said on Friday.
The claim, in which Talisman Colombia Holdco. is also named, includes a demand for compensation for subsequent investment in the British business and any loss of opportunity, Repsol said on Friday.
The Spanish company said the claim is "baseless" and considered a "remote risk" to Repsol and Talisman.
Officials at Addax weren't immediately reachable for comment.
Addax, which owns a 49% stake in Talisman Sinopec Energy UK, intends to maintain its holding in TSEUK, Repsol said.
"The claimants' proceedings can be interpreted as a defensive action undertaken by those who adopted an investment decision in the U.K. which hasn't delivered the results expected by them, as it has also happened with other investments by this group of companies," Repsol said.
Aberdeen, Scotland-based TSEUK is a North Sea-focused oil and gas exploration and production company.
|July, 16, 11:05:00|
|July, 16, 11:00:00|
|July, 16, 10:55:00|
|July, 16, 10:50:00|
|July, 16, 10:45:00|
|July, 16, 10:40:00|
AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.