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Sonelgaz claims €413 million from Duro Felguera

The Sonelgaz Group has initiated international arbitration proceedings with the Algerian Chamber of Commerce and Industry (CACI) against the Spanish company Duro Felguera.

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The Spanish company has informed the Spanish National Securities Market Commission (CNMV) that Sonelgaz, the Algerian group, has filed an international arbitration claim because of the suspension of a project to build an electricity generation station in the wilaya of Djelfa. The Algerian company is calling to suspend the suspension and to be reimbursed the 413 million euros. In response, the Spanish company refuses this procedure and plans to file a counterclaim before 10 December. The agreement between Sonelgaz and Doro Valkira, signed in 2014, concerned a 1,500 MW power station in Djelfa.