Egypt’s Cabinet approves dispute settlements with Petroceltic, Italgen
Cabinet okays settlements with Petroceltic, Italgen: The Madbouly government has approved agreements to resolve disputes with Italgen and Petroceltic.
The first covers a dispute between EGPC and Petroceltic International, which sought international arbitration to recover over USD 30 million in overdue payments it claims it is owed by EGPC.
The second settles the tiff between Italian renewable energy company Italgen and the Egyptian Electric Utility and Consumer Protection Regulatory Agency (Egyptera).
The government agency reportedly refused to renew Italgen’s license to generate and sell electricity, claiming that the company failed to build a wind energy facility it had planned to construct. No details on either settlement agreement were provided.