Sinopec claims $5.5 billion from Spain's largest i

Sinopec claimed $5.5 billion from Spain's largest industrial giant

PetroChina (5.19, 0.01, 0.19%) Chemical Co., Ltd. (nyse:snp/, hereinafter referred to as Sinopec) for a dispute with Repsol, the Spanish oil group, due to a joint venture that has existed for three years, and required Repsol to compensate its losses of $5.5 billion through arbitration

it is reported that Repsol received the above notice of arbitration on June 17, local time in Spain. Repsol company, founded in September, 1987, is the largest industrial company in Spain. It synchronously displays the experimental force, peak value, displacement, speed, experimental state, experimental curve, etc. through the impact tester; Impact testing machine (auto parts testing machine) has the functions of limit, automatic overload protection, automatic shutdown of sample fracture and other functions. Its business includes exploration and production, refining and sales, chemical industry, natural gas, etc. Repsol oil company ranks 47th among the world's oil companies

in August 2009, Sinopec International Petroleum Exploration and Development Co., Ltd. (SIPC), a subsidiary of Sinopec Group, completed the tender offer of Canadian Addax oil company at a price of 52.8 Canadian dollars/share, and obtained the oil and gas assets of the company in Iraq and West Africa. In 2012, Sinopec, Addax and Canada's talisman energy jointly funded the establishment of the ta3.2 formula Lisman Sinopec energy UK (tsecuk) for calculating the frequency of the smooth intersection point of velocity and displacement, and acquired shares in a deepwater oil field in Nigeria

in 2014, the Nigerian government did not approve tsecuk's acquisition plan. At the end of that year, pusol company charged us 10 cents. Three companies spent US $8.3 billion to acquire talisman energy. This transaction also increased Repsol's oil production by 76% to 680000 barrels of oil equivalent per day

Sinopec believes that this acquisition will lead to the loss of relevant initial investment and investment opportunities of it and its subsidiary Addax, and it will submit to arbitration

according to the report, Repsol said that he believed that Sinopec's claim was groundless, and the company's legal counsel believed that it was a negligible risk

the arbitration notice is groundless and does not reflect the loyalty that a partner should have. "Repsol said in a statement.

Repsol reported a loss last year and has cut dividends. In order to maintain its investment grade credit rating, the company has announced a 40% reduction in exploration and production investment and sold assets