Italian company “Sicilsaldo” faces bankruptcy and disclaims of its obligations in Algeria

Algeria (Sikda-Guelma)-Algerian contractors, working with the Italian company “Sicilsaldo” in charge of completing a gas pipeline project between Skikda and Guelma (east of Algeria), closed the company’s doors in protest against its procrastination in the payment of financial dues estimated at 500.000.000 AD.

The protesters told Echorouk that “based on an agreement with the Italian company to rent gear of drilling and exploration since January 2011, for an open term to the end of the project, they remain committed to the terms of the contract, which provides rental gear at the stated price, to the end of the completion of the project. However, the Italian company did not respect the terms of this contract, and did not pay them despite the date of payment exceeds 10 months”.

In their meeting with the owner of the company, the company’s General Manager Rozario and the financial officer “R”, they were told that the company is facing bankruptcy, thing which forced the Algeria partners to waiver 30% of their financial entitlements.