By Libya Herald reporter.
Malta, 26 August 2015:
APR Energy has revealed that it has made significant progress in removing its assets from . . .[restrict]Libya after ending its operations there.
APR was forced to pull out from its operations in Libya in November 2014 dues to contractual issues as well as late payments.
Libya’s state electricity company GECOL had hired APR to install a total of 450 megawatts of emergency generators at six sites, in what remains the largest ever single contract of its kind in the world.
This announcement comes on the back of a 12 August announcement by APR about the receipt of US$10.7 million in receivables for its terminated Libya projects. The company says that it continues to work diligently to recover all of its remaining outstanding balance.
It says that it is making significant progress in its Libya demobilisation and has, to date, removed successfully the vast majority of assets from the country. It anticipates that the demobilisation will be completed in the third quarter. However, due to rising security expenses, it expects to record higher than anticipated demobilisation costs.
APR chief executive Laurence Anderson said: “We are encouraged by the significant progress we have made with the removal of Libya assets and the recent payments of more than $19 million in outstanding receivables from challenging environments, and we will continue to be relentless in our collection efforts and protection of our assets.” [/restrict]