Petroceltic to seek international arbitration against EGPC: UK energy company Petroceltic is filing for international arbitration to recover back-due payments it claims it is owed by the state-owned Egyptian General Petroleum Corporation (EGPC), Petroceltic said in a statement on its website. “We do not threaten international arbitration lightly, but equally we are at the end of our patience with EGPC: the current situation is totally unacceptable,” Chairman Angelo Moskov said in the statement.

Oil Ministry calls for talks: The ministry said that Petroceltic wanted to give up its concessions and that it has paid the company USD 6 mn in December but the company didn’t meet its obligations in securing the funding needed for operations until the concession are withdrawn,the ministry said in a statement (pdf). The ministry called for talks to settle this dispute in an amicable manner.

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