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Stefano Cao: “Saipem Did Not Provide A Financial Amount To Settle Disputes With Sonatrach”

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Stefano Cao: “Saipem Did Not Provide A Financial Amount To Settle Disputes With Sonatrach”
أرشيف

SAIPEM did not announce any amount due to settling its differences with Sonatrach in four projects, Stefano Cao, Saipem’s chief executive said.

“The figure was only announced by Sonatrach through its General Manager”, he added.

Stefano Cao, chief executive of Saipem, said in response to a question from the company’s shareholders during the presentation of its financial results for 2017, that Saipem did not provide any financial number to settle disputes with the Algerian Sonatrach.

“The amount that was traded is between $150 and 300 million and was pronounced by the General Manager of Sonatrach, Abdelmoumen Ould Kaddour, and not by Saipem”.

He said in this regard, according to Italian media that “Saipem did not announce any amount to settle the dispute with Sonatrach and the General Manager is the one who announced the mentioned amount.”

“The financial value of the settlement of the dispute was calculated in the financial results of Saipem for 2017 and was paid in the first trimester of the current year,2018”.

“What has been paid is in exchange for international arbitration in the LPG project to extract liquids from the combined gases and separation of oils in Hassi Messaoud”, Saipem’s chief executive, Stefano Cao, explained.

“But international arbitration in the LPG project in Hassi Messaoud, as is known by the International Chamber of Commerce in Paris, made a decision, last December, in favor of Sonatrach and committed Saipem to pay $ 135 million, twice the amount that was demanded by Sonatrach, which had requested compensation of $ 70.8 million”.

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