Quick Facts
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

EGPC Resumes Fuel Supply To Sukari - Quick Facts

12/14/2012 4:14 AM ET

Centamin plc (CEE.TO: Quote,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

Quick Facts

Editors Pick
Publishing and design software maker Adobe Systems Inc. said Tuesday after the markets closed that its second quarter profit fell 66% from last year, hurt by lower revenue as well as higher costs and expenses. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations and its quarterly revenue was in line with analysts' forecast. Stocks showed a strong upward move over the course of the trading day on Tuesday, adding to the gains posted in the previous session. The rally came even as traders expressed some uncertainty ahead of tomorrow's Federal Reserve announcement. The major averages gave back some ground going into the close but remained firmly in positive territory. In a potential roadblock to comprehensive immigration reform legislation, House Speaker John Boehner, R-Ohio, indicated Tuesday that he would not bring a bill to the floor unless it is supported by a majority of House Republicans.
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.