Repsol Recognizes EUR837 Million Provision Related to Talisman Arbitration
February 14 2020 - 1:39PM
Dow Jones News
By Kim Richters
Repsol SA said Friday that it has recognized a provision of 837
million euros ($908.97 million) in its financial statements for
last year, relating to long-running arbitration proceedings against
its Talisman subsidiaries.
The Spanish company said the provision relates to arbitration
proceedings against its subsidiaries Talisman Energy and Talisman
Colombia Holdco that were started by Addax Petroleum UK Ltd. and
Sinopec International Petroleum Exploration and Production Corp. in
2015.
Repsol said the amount relates to a partial award by the
arbitration tribunal and possible compensation for these
proceedings isn't currently known.
Repsol said that Addax and Sinopec are asking for a total
compensation payout of around $5.5 billion.
"The company is analyzing possible action against this partial
award and expects to challenge it before the Singaporean courts,"
it said.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
February 14, 2020 13:24 ET (18:24 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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