UK international energy company Petroceltic has announced its intention to seek arbitration in a dispute with Egypt's state-owned Egyptian General Petroleum Corporation (EGPC) over what Petroceltic says is the Egyptian company's failure to pay debts.
Petroceltic said in a statement that it is seeking arbitration with the World Bank-managed International Centre for Settlement of Investment Disputes over EGPC's "breach of its obligations under multiple Gas Sales Agreements and in particular EGPC’s inability to pay its debts as they fall due for payment."
Petroceltic Chairman Angelo Moskov said that the company has invested hundreds of millions of dollars in Egypt and sustained hundreds of EGPC jobs in joint venture with EGPC, at considerable expense to Petroceltic.
