Total Petroleum Industry sues Algiers

The French group Total, commenced an arbitration procedure against Algiers to recover part of the tax paid since 2006, reported the French Daily, Le Monde. Titled “Total contests the sharing of oil profits in Algeria”, the newspaper specifies that Total, in discretion, initiated an arbitration procedure against Algeria and her state petroleum company Sonatrach explaining that the French group is contesting the way Algeria in mid-2000 modified for its good, the sharing of profits generated from oil and gas. After seeking in vain amicable solution, Total and her Spanish partner Repsol commenced an arbitration procedure in May, adds the newspaper naming several sources, revealing that both filed a petition at the International court of arbitration in Geneva which is under the International Chamber of Commerce.