UK’s Petroceltic announced plans to request an arbitration from the World Bank’s International Centre for Settlement of Investment Disputes (ICSID) against the Egyptian General Petroleum Corporation (EGPC), Egypt Oil & Gas reports.

The company plans to file an arbitration case as EGPC breached obligations in several gas sales agreements and was not able to pay its debts in time, Petroceltic announced in a statement.

“Petroceltic has invested hundreds of millions of dollars in Egypt and we sustain hundreds of EGPC jobs in our joint venture with EGPC, at considerable expense to Petroceltic. Petroceltic has been a good corporate citizen and a friend to the Arab Republic of Egypt for many years and as such we are disappointed at the way we are now being treated. We do not threaten international arbitration lightly, but equally we are at the end of our patience with EGPC: the current situation is totally unacceptable,” Angelo Moskov, Petroceltic’s Chairman, commented.

Meanwhile, the Ministry of Petroleum and Resources argued that Petroceltic sought giving up its concessions and that Egypt paid the company $6 million in December 2018. However, Petroceltic didn’t meet its obligations in securing the needed funding for operations until the concessions were withdrawn, Enterprise reported.

The ministry is seeking to settle the dispute with Petroceltic.