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
Large U.S. companies are holding trillions of dollars overseas in an effort to avoid U.S. taxes, with big-name firms like Apple (AAPL), Pfizer (PFE) and PepsiCo (PEP) named as notable examples. This is the claim made by a pair of non-profit groups, who released a study based on the firms' financial statements. Software maker Adobe Systems Inc. (ADBE) Tuesday detailed an outlook for the full year 2016 indicated to miss Wall Street estimates, sending its shares down 8 percent in after-hours trading. Adobe expects full-year 2016 revenues of about $5.7 billion and an adjusted earnings of $2.70 per share. Analysts... Enterprise software maker Adobe (ADBE) provided updated guidance on Tuesday, predicting strong growth over the next three years by giving 2016 projections that are below what market analysts are currently expecting.
comments powered by Disqus
Follow RTT