Petroceltic Threatens Legal Action Over Egypt Dues

London-based independent Petroceltic has threatened to take Egypt’s state oil firm EGPC to court over unpaid dues, the firm says.

Worldview Capital Management, a London-based, Cayman Islands-registered fund headed up by Bulgarian ex-trader Angelo Moskov, took the formerly Irish firm private in 2016 ( MEES, 8 April 2016 ).

Since then the company has been sparse with its public pronouncements aside from a Twitter feed heavily weighted towards outspoken criticism and threats to sue. “It is a big step to threaten arbitration against the Egyptian General Petroleum Company (EGPC) in order to get them to pay their dues. But after investing hundreds of millions of dollars in Egypt and creating many jobs we have no choice,” the firm Tweeted on 12 February. (CONTINUED - 497 WORDS)