Rédaction Africa Links 24 with ania.b
Published on 2024-03-07 10:44:51
Sonatrach, the Algerian energy giant, and the Spanish company Técnicas Reunidas have been embroiled in a lawsuit since 2022. This three-year-old dispute has resurfaced with vigor. Despite waiting for the verdict of international arbitration, Sonatrach has decided to go on the offensive.
Indeed, Sonatrach, the largest oil company in Algeria, has recently decided to take action against the Spanish company Técnicas Reunidas. The two companies have been in dispute for some time now, and Sonatrach has decided to go on the offensive.
The GTG consortium, composed of Sonatrach and Neptune Energy, now demands the colossal sum of 760 million euros from Técnicas Reunidas for lost profits. This claim is in addition to the previous demand of 92 million euros. Sonatrach intends to turn the tables by claiming a repair nearly ten times higher than the 80 million euros initially demanded by Técnicas Reunidas.
The dispute takes on an explosive dimension as Sonatrach demands 852 million euros in damages from Técnicas Reunidas. This demand follows a previous claim of over 90 million euros. Técnicas Reunidas, on the other hand, is currently claiming 166 million euros from the GTG consortium, including bank guarantees.
A firm rejection from Técnicas Reunidas
Técnicas Reunidas firmly rejects Sonatrach’s claims, finding the amount requested exorbitant. The Spanish company expresses its discontent, emphasizing that Sonatrach’s demand is ten times higher than the one it had originally made.
This commercial dispute has sparked a political crisis between Algeria and Spain, giving Técnicas Reunidas the opportunity to politicize the matter. The company claims that the arbitration dispute was launched in May 2022, amidst diplomatic tension between the two countries, despite the provisional handover of the project two years earlier.
This conflict originated in June 2022, when the Sonatrach-Neptune Energy consortium demanded 80 million euros from Técnicas Reunidas as a guarantee for the construction of a hydrocarbons complex in Adrar. This request coincided with the escalation of the diplomatic crisis between Algeria and Spain.
Although this dispute arises in a tense context, it is important to note that it is a common procedure between business partners and does not affect contractual obligations in any way.
In summary, the dispute between Sonatrach and Técnicas Reunidas reflects not only financial disagreements but also political tensions between Algeria and Spain. As the case evolves, the outcome remains uncertain, but the economic and diplomatic importance of this quarrel cannot be underestimated.
Read the original article(French) on Algerie 360
