Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

EGPC Resumes Fuel Supply To Sukari - Quick Facts

Centamin plc (CEE.TO,CEY.L,CELTF.PK) announced its fuel supplier Chevron has received notification from Egyptian General Petroleum Corporation, or EGPC, that fuel supply to Sukari may be resumed and that no retrospective payment is currently due.

On Thursday, Centamin Plc received a claim from the Egyptian General Petroleum Corp., or EGPC, for about $65 million for diesel fuel supplied from December 2009 to January 2012, and EGPC notified it will not authorize diesel supply to the mine, unless the claim amount is paid.

Centamin said the escalation in diesel pricing that the company experienced from local to international in January 2012 is currently before the courts. The case will also deal with any retrospective claim.

Centamin noted that a further update on the status of gold exports will be provided in due course as this will determine when operations at Sukari may resume.

Sukari is located in the Eastern Desert of Egypt, approximately 700 kilometers from Cairo and 25 kilometers from the Red Sea.

Click here to receive FREE breaking news email alerts for Centamin Plc and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
After failing to sustain an initial upward move, stocks fluctuated over the course of the trading session on Wednesday before ending the day mixed. The choppy trading came as traders digested upbeat GDP data as well as the Federal Reserve's monetary policy announcement. President Barack Obama took Congress to task in remarks on the economy on Wednesday, accusing Republicans of wasting valuable time by voting on a resolution regarding whether or not to sue him over his use of executive actions. In a surprise move, the Senate voted Tuesday to make changes to an important House highway funding bill, raising questions about whether the legislation will receive final approval before lawmakers leave town for the August recess.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.