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)

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