REPSOL SINOPEC RESOURCES UK LIMITED
Company number: 00825828
Reporting period:
1 July 2021 to 31 December 2021
Report filed on:
26 January 2022
Approved by:
Dale Moore
Payment statistics
Average time taken to pay invoices: 39 days
Invoices paid:
- within 30 days: 49%
- in 31 to 60 days: 36%
- in 61 days or more: 15%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 51%
Payment terms
Shortest standard payment periods
10 days
Longest standard payment period
30 days
Standard payment terms
The standard payment terms are 30 days from receipt of an invoice prepared as per the requirements of the relevant contract. RSRUK does not have any contracts whose payments terms are greater than 30 days.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
30 days
N/A
Any other information about payment terms
N/A
Dispute resolution process
Any payment disputes are resolved according to the disputes mechanism stipulated in the oil and gas industry standard LOGIC contracts, which are available on www.logic-oil.com. Dispute resolution is defined within each Contract. There is an escalation model, with first point of call routed to a Contract Specialist (Contract owner) within the organisation.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Fair Payment Code must commit to paying 95% of their invoices within 60 days.
Yes, this business has signed up to: RSRUK abide by the OGUK Supply Chain Code of Practice, which includes a payment code
Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
Yes
Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
No
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No