26th Jan 2015 07:55
LONDON (Alliance News) - APR Energy PLC on Monday said it has still not received ratification of its contract in Libya and said it has decided to reassign the assets dedicated to this project to other operations, following months of delays related to the contract.
APR in November temporarily suspended its operations in Libya owing to ongoing delays in receiving confirmation of an electricity contract it signed with the country's government in July.
On July 29, the company said it had been awarded an extension of its 450 megawatt contract with the General Electricity Co of Libya, through to the first quarter of 2015. The company is in the final stages of a multi-step confirmation process, but has experienced continued delays in the final parliamentary review process, it said in a November statement announcing the suspension of its Libyan operations.
APR in December warned the woes it was facing with its Libya contract would drag down its earnings for the year and said it would book a non-cash charge on the contract.
By Sam Unsted; [email protected]; @SamUAtAlliance
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