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Be altered. I have an example of that exact thing happening:
Law 204 of the year 2017 was just changed by an act of parliament:
Sara FakhrySara Fakhry
• 2nd• 2nd
Geologist | Assistant Exploration Manager at Trident Petroleum Egypt | Speaker | Science Communicator | Mentor | TechWomen 2022 AlumniGeologist | Assistant Exploration Manager at Trident Petroleum Egypt | Speaker | Science Communicator | Mentor | TechWomen 2022 Alumni
1mo • Edited • 1mo • Edited •
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Great news!!!
My company’s concession commitment agreement amendment has been approved by the council of ministers.
A law licensing the Minister of Petroleum and Mineral Resources to contract with the EGPC and Trident Petroleum Egypt to amend the commitment agreement issued under the Law 204 of the year 2017 for the oil exploration, exploitation and development at Esh El-Mallaha Marine Field (Magawish).
This means that we have a lot of work to do…
Kindly wish us luck.
#petroleum #work #development #oil #egypt #law #councils #exploration #development #trident #magawish #marine
https://www.linkedin.com/posts/sarafakhry_petroleum-work-development-activity-7082758771109769216-qOcx
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as you can see by the video and attached post - the Egyptian lawmakers changed the law to adjust the terms of the original agreement passed in Egypt's parliament in 2017
there is nothing preventing the same to happen to Centamin - except perhaps a challenge in Egyptian courts - we all know how successful that can be and how willing Centamin is of 'rocking the boat'
also, amendments to tax laws can no doubt supersede whatever benefit a 50/50 profit share has given Centamin when one considers import duties etc.
Bottom Line
Siko, please do keep posting about Egypt for the benefit of all the current Centamin shareholders.
I'm not posting here for the likes or supportive comments - I feel other long term share holders deserve honesty and clarity to decide their next move
On a personal note - my being invested in Centamin for over 13 years most definitely wins me the 'privilege' of posting on this forum - and those who imagine my posts could alter the share price for my benefit are simply looking for a way to disparage the validity of my concerns and change the subject
Who does their attacks against me benefit? Centamin's management - as it gives management the cover to continue to rape and pillage Centamin's assets for their own personal benefit with impunity
Interesting Cowichan because I raised this issue several times with "Buchanan" and the comapny on several occasions and was told that the original contract terms are enshrined in law and even any new concessions are won on the new T & C there is no chance of any changes to the original Sukari term.
Siko has also explained and confirmed no chance of change several times in the past.
So what now?
Hi mrtibbles,
I couldn't imagine a more iron clad contract than what currently exists between Centamin and Egypt - yet I point out the fact that it is possible with that last example. Personally, I worry more about political and fiscal instability causing disruptions with procurement of materials (explosives) and who knows what else (equipment)
Being a single source miner is a b*tch - the vulnerability ought to have been addressed years and years ago.
Cowichan,
I was going to reply in details about this "amendment" to Trident contract/law that you mentioned, because whoever brought it to your attention as an example of Egypt changing laws/contracts, does not have a clue!!!
but then, I decided to step away, because I noticed I was getting dragged in a conversation that states Egypt is bankrupt, Egypt will nationalize companies, Egypt will change laws/ contracts to shaft companies, and then referring back to links from 1991 about Egypt and the gulf war!!!
Too much for me.. I explained simply what I wanted to explain.. I never wanted to go that deep.. so I will leave it here..
I understand your sentiment, Siko. It appears that Cowichan has consistently posted on a board which he holds no financial interest in, 40 times over the past month. The content of these posts has predominantly been negative and occasionally relies on unfounded information and hearsay. One can only surmise that he might harbor a personal grudge or vendetta against Centamin, as it seems ‘unlikely’ for someone to invest such significant time and effort on a board without any underlying motive.
Oh I agree about being a single source provider, but then according to the website Pardey and Co were supposed to be developing the other satellite operations in West Africa , although as it turned out they were just expensive drilling operations that seem to have produced nothing other than more disappointment, although of course they were a bit of a diversion from what was going wrong at Sukari!
Hi Daz, I think its fair to say that in the past Cowichan has been very proactive in finding good mews about Centamin, but I suspect he just got tired of not getting answers to is questions and enduring the way the share price languishes in the bottom of the spittoon of "The Last Chance Saloon" with not getting his questions answered!
There was a lengthy interview with the Centamin boss some years ago in either the Times or the Torygraph when he explained the choice of Sukara. It seems there were a number of options in Egypt available to the company, but Sukara was the closest to water. Does anyone in the know have information on these other options? I suspect they were shelved as uneconomic.