Repsol and Gas Natural to Claim Damages From Sonatrach
Posted on: Wednesday, 14 November 2007, 15:00 CST
Spanish oil and gas giant Repsol YPF and Gas Natural are reportedly seeking $400 million in damages from the Algerian state-run group Sonatrach, according to Thomson Financial, citing Expansion.
The two Spanish partners will seek damages for being removed from the Gassi Touil liquefied natural gas (LNG) project. Sonatrach dropped the companies from the project claiming extended delays and cost overruns in the construction of the LNG terminal.
Repsol and Gas Natural will seek international arbitration over what they are reportedly calling the illegal appropriation of the project by the Algerian company. The case will be made in an arbitration court in Geneva, Thomson Financial said, citing Expansion.
Sonatrach is also reportedly seeking damages from the two Spanish partners via the UN Commission for Commercial Rights.
Source: Datamonitor
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