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Repsol faces $5.5B arbitration claim from Sinopec

Jun. 17, 2016 10:53 AM ETRepsol, S.A. (REPYF) StockREPYY, REPYF, SNPTYBy: Carl Surran, SA News Editor
  • 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.

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