Petroceltic files for arbitration over dispute with EGPC

DISPUTE WATCH- Petroceltic files for arbitration over dispute with EGPC: UK petroleum company Petroceltic has filed an arbitration case against state-owned Egyptian General Petroleum Corporation at the World Bank International Center for Settlement of Investment Disputes, the company said in a statement. Petroceltic said last month that is was planning to call for arbitration over USD 30 mn in overdue payments. However, the company has expanded its list of grievances in its latest statement, claiming that its investments have not been given fair treatment and that it has not been able to dispose of them due to “unreasonable and discriminatory” actions on EGPC’s part. “We do not think we are being treated fairly and this is a clear contravention of the agreements entered into by the UK and Egyptian governments,” Chairman Angelo Moskov said. “The present situation is unacceptable and needs to be resolved as a matter of urgency.”