- Repsol (OTCQX:REPYF, OTCQX:REPYY) says Sinopec (NYSE:SNP) has served an arbitration claim demanding ~$5.5B in compensation for the repayment of an investment in a 2012 joint venture.
- SNP and its subsidiary Addax Petroleum UK are seeking compensation for their initial investment and lost investment opportunities related to a North Sea oil and gas joint venture with Talisman Energy, which Repsol bought in 2014.
- "The arbitration notice is unfounded and does not reflect the loyal attitude one would expect from a partner," Repsol says.