logo
Plus   Neg
Share
Email

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 RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Swiss banking giant UBS Group AG reported Monday higher profit in its first quarter with increased net interest income. The company said it has had an excellent start to 2018. However, UBS shares were trading around 3 percent lower in Switzerland. All of UBS's businesses are affected by economic growth expectations, interest rates, equity market levels and foreign exchange rates. Walmart is ditching its dress code policy and is testing a new dress code that will allows "associates" to wear blue denim and shirts of any solid color. The updated dress coded guidelines now allow employees to wear blue "jeggings" and blue jeans and shirts of any solid color, according to a Walmart... Canadian investment firm Fairfax Financial Holdings Ltd. has submitted a "stalking horse" bid worth C$300 million, or $237 million, for the Canadian unit of Toys "R" Us, according to court documents. A stalking horse bid is an initial bid on the assets of a bankrupt company. The bankrupt company will choose an entity from a pool of bidders who will make the first bid on its assets.
Follow RTT