AIX-EN-PROVENCE: French oil major Total has filed a request for arbitration against its contract terms in Algeria, CEO Patrick Pouyanne said on Saturday.
"We tried as always to find a mutual agreement first, it failed, so we decided that we would seek arbitration," Pouyanne told Reuters on the sidelines of a business conference in Aix-en-Provence.
Total and its Spanish partner Repsol have initiated litigation against Algeria and its state oil company, Sonatrach, challenging the way Algiers retroactively changed a profit-sharing terms on oil and gas contracts, daily Le Monde said earlier on Saturday.
The two groups filed a request to the Geneva-based Court of International Arbitration in May for the dispute that dates back to the mid-2000s, Le Monde said.
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