Kharyaga Arbitration Process
Total S.A.
07 December 2005
Russia: End of the Kharyaga Arbitration Process
uParis, December 7, 2005 - Total is pleased to announce the resolution, out of
court and as a result of constructive negotiations with representatives of the
Russian Federal Government and Administration of the Nenets Autonomous Region,
of all issues in regards to the Kharyaga Production Sharing Contract which were
the subject of an international arbitration in Stockholm.
Within this framework the Production Sharing Agreement Joint Committee, the
managing body of the Kharyaga project consisting of representatives of the
Federal Government, Nenets Autonomous Region Administration and partnered
companies approved the relevant past annual work programs as well as past
budgets and past cost recovery. As a result, the Russian Tax Authorities have
revoked their tax claims.
Total is the operator of the field with a 50% participating interest along side
Norsk Hydro also with a 40% interest, and the Nenets Oil Company with a 10%
interest.
* * * * * * *
Total is the fourth largest oil and gas company in the world with operations in
more than 130 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.
Total has more than 111,000 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
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