Saipem waits Supreme Court’s decision to recover 83 million euros

date 2017/09/11 views 798 comments 0

icon-writer By: Hassan Houicha / English version: M. A.

Italian company Saipem’s branch in Algeria waits for Algeria’s Supreme Court to decide about assets estimated at 83 million euros frozen in two banking accounts in Algiers.

Saipem said a criminal court in Algiers ordered to lift the freeze on its money but the two accounts are still frozen. This comes following an appeal submitted to the Algerian Supreme Court.

The Italian company also said 83 million euros are frozen in the two accounts. It still has underway works in projects in Algeria with the value of 23 million euros. It did not announce any new contracts in the country.

Saipem insists on an international arbitration by Paris’ International Commerce Chamber for its conflict with Algeria’s energy group Sonatrach.

It said it still has a conflict with Sonatrach concerning 4 projects in Hassi Messaoud and Arzew. It asks for a compensation of 1.7 billion euros.

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