Tuesday, April 13, 2021

Algeria’s Sonatrach wins law suit against Repsol over profit sharing

Must read

Somalia: Lawmakers vote to extend President’s term by two years

Somalia’s Lower House of Parliament has voted to approve a bill to extend President Mohamed Abdullahi Farmajo’s term in office by two years. The controversial...

Why Twitter picked Ghana as its head quarters in Africa

Social media giant, Twitter has announced that Ghana will host its Africa head quarters. The company's co-founder Jack Dorsey made the announcement on Twitter on...

Zambian athletes fight stigma against albinos, disabled persons

Lassam Katongo, a Zambian athlete based in the capital, Lusaka, shows off his trophies and medals earned from some of the international athletic games...

Uganda, Tanzania sign $3.5bn deal with global oil firms

The governments of Tanzania and Uganda on Sunday signed a long awaited oil deal with international oil firms—French Total E&P, and China’s Cnooc. The deal...
Isaac Kaledzihttps://en.wikipedia.org/wiki/Isaac_Kaledzi
Isaac Kaledzi is an experienced and award winning journalist from Ghana. He has worked for several media brands both in Ghana and on the International scene. Isaac Kaledzi is currently serving as an African Correspondent for DW.
- Advertisement -

The Algerian oil consortium group, Sonatrach has won a law suite against Spanish Repsol in the international court arbitration over profit sharing. The wrangle surrounding the two oil majors and other two companies is on profit sharing ratio and tax payment module.

Repsol and other companies had alleged that Algerian state run company took advantage of the 2006 agreement to increase taxes on profits made.

The companies file a request for arbitration against Sonatrach in late May which the oil major had vowed to counter.

As soon as the barrel price exceeded $30 per barrel, the oil major were seen to claim an addition tax ranging from 5% and 50% of the value of production that evidently featured in the revised contracts. This was the main argument made by Sonatrach over tax disagreement with other oil companies.

Total had also filed a request for arbitration against Algeria for changing profit-sharing terms on oil and gas contracts in the mid-2000s, and that attempts to reach a mutual agreement had failed.

- Advertisement -

Algeria, hard hit by the crash in oil prices, is seeking new investment to help it build up production from mature fields and explore new areas.

Source: Africanews

- Advertisement -
- Advertisement -
- Advertisement -

More articles

- Advertisement -

Latest article

Somalia: Lawmakers vote to extend President’s term by two years

Somalia’s Lower House of Parliament has voted to approve a bill to extend President Mohamed Abdullahi Farmajo’s term in office by two years. The controversial...

Why Twitter picked Ghana as its head quarters in Africa

Social media giant, Twitter has announced that Ghana will host its Africa head quarters. The company's co-founder Jack Dorsey made the announcement on Twitter on...

Zambian athletes fight stigma against albinos, disabled persons

Lassam Katongo, a Zambian athlete based in the capital, Lusaka, shows off his trophies and medals earned from some of the international athletic games...

Uganda, Tanzania sign $3.5bn deal with global oil firms

The governments of Tanzania and Uganda on Sunday signed a long awaited oil deal with international oil firms—French Total E&P, and China’s Cnooc. The deal...

Man with snails, ‘prekese’ in luggage from Ghana detained at JFK Airport

A man was detained briefly last week after arriving at JFK Airport with luggage full of snails, dried beef, turkey berry, carrot, oxtail, medicinal...
- Advertisement -