Total to take Algeria to court
PARIS, July 4, 2016 – French major Total is seeking arbitration against Algeria, company chief executive Patrick Pouyanné said over the weekend, citing failed talks with the government over its 2006 decision to retroactively change the oil and gas contracts’ profit-sharing terms.
“We tried as always to find a mutual agreement first. It failed, so we decided that we would seek arbitration,” Pouyanné said on the sidelines of a conference in France. Total initiated the litigation in May along with its partner in the country, Repsol. The latter declined to comment on the matter.
In 2012, Algeria, through state-run company Sonatrach, settled with US producer Anadarko Petroleum Corporation and Maersk Oil in similar tax rows.
More content from
Latest news and features
Sign up to receive our newsletter and energy event alerts and receive free access to The Oil & Gas Year Nigeria 2020