Sinopec goes after Repsol

UK

MADRID, June 17, 2016 – China Petroleum & Chemical Corporation, better known as Sinopec, has served a USD 5.5-billion arbitration notice against Repsol, the latter announced on Friday.
Sinopec aims to reclaim its 2012 investment in the Talisman-Sinopec Energy UK tie-up, known as TSEUK, and has started proceedings against Talisman Energy and Talisman Colombia Holdco. In a statement, Repsol labelled the claim “groundless” and called it “inconsistent with the loyalty to be expected from a business partner.” The company, which acquired Talisman Energy in 2015, vowed to “vigorously” defend its rights and avoid “any adverse consequences.”

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