REPSOL SINOPEC RESOURCES UK LIMITED
Company number: 00825828
Reporting period:
1 January 2022
to 30 June 2022
This report was filed on 10 August 2022
and approved by Dale Moore
Payment statistics
Average time taken to pay invoices: 33 days
Invoices paid:
- within 30 days: 74%
- in 31 to 60 days: 22%
- in 61 days or more: 4%
Invoices due but not paid within agreed terms: 26 %
Payment terms
Shortest standard payment period
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 payment terms are greater than 30 days
Were there any changes to the standard payment terms in the reporting period?
No
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 Prompt Payment Code must commit to paying 95% of their invoices within 60 days.Yes – 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