logo
Share SHARE
FONT-SIZE Plus   Neg

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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Here is a quick summary of the earnings reported after the bell on Jul 27. 1.Del Taco Restaurants, Inc. (TACO, TACOW) Q2 Net income was $4.6 million compared to net loss of $0.1 million a year ago. Q2 Total revenue was $97.6 million, an increase of 7.0% compared to $91.2 million a year ago. *** 2.Plantronics,... Semiconductor packaging company Amkor Technology Inc. (AMKR), Monday reported a plunge in profit for the second quarter, as revenues declined and margins narrowed. The bottom line was also impacted by a debt extinguishment charge. Shares of the company fell about 14 percent in extended hours after... Hartford Financial reported a swing to profit for the second quarter, helped mainly by improved underwriting results in property and casualty business, and contribution from Talcott Resolution, while the prior year included a one-time loss from discontinued operations. Hartford's quarterly earnings easily topped Wall Street estimates...
comments powered by Disqus
Follow RTT