Arbitration Claim Filed
14 October 2003 - 5:01PM
UK Regulatory
RNS Number:8562Q
Total S.A.
13 October 2003
Total files arbitration claim against SCH
Paris, October 13, 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.
Total is the fourth largest oil and gas company in the world with operations in
more than 120 countries. Total's activities cover the whole energy chain of the
petroleum industry: exploration, oil and gas production, refining and marketing,
trading and power generation. The Group is also a major player in chemicals
through its chemicals branch, Atofina. Total has 121,000 employees worldwide.
More information can be found on the company's website: www.total.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCFFUFADSDSEES