Total files arbitration claim against SCH
Posted: 13 October 2003
The actions initiated by Banco Santander Central Hispano (SCH)
in the past weeks have shown persistent disagreements between SCH
and Total regarding the effect, if any, of the Spanish law 26/2003
of July 17, 2003 on their contractual relations. Given these circumstances,
in order to preserve its rights, Total filed arbitration claims
against SCH today with the Netherlands Arbitration Institute in
The Hague, in accordance with the arbitration provisions of the
agreements between SCH and Total.
As indicated to the CNMV on October 10th, 2003 Total reiterates,
as well, its willingness to proceed with the immediate liquidation
of the holding company Somaen Dos S.L., in order to clarify the
positions of Cepsa's corporate shareholders and to contribute to
the transparency of the market.
For more information see http://www.total.com.
Posted by Richard Price,
Editor Pipeline Magazine
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