Misr Insurance pays first tranche of compensation to Pharaonic Petroleum

Egyptian state-owned Misr Insurance paid the first tranche of compensation, estimated at around $3.9 million to Pharaonic Petroleum Co. (PHPC), said a senior official in PHPC on Monday.

Pharaonic Petroleum is joint venture between BP and state partner Egyptian Natural Gas Holding Company (EGAS) operating in the West Harbour natural gas processing facility.

The compensation is a result of damages in a number of sea cable lines in the deep water, managing director at the petroleum department in Misr Insurance Mohamed Said Abdel Fattah said.

“Misr Insurance will soon settle the second payment of compensation for the PHPC,” Abdel Fattah said, adding that PHPC’s losses recorded around $70 million.