Egypt has said that its state-owned Egyptian General Petroleum Corporation (EGPC) fulfilled its financial obligations towards UK international energy company Petroceltic in December with a payment of $6 million.

In an official statement, Egypt's petroleum ministry dismissed claims by Petroceltic that EGPC has failed to meet its financial obligations to the UK company.

Petroceltic announced on Sunday that it intends to seek arbitration to resolve the dispute with EGPC.

The ministry added that Petroceltic failed to fulfil its obligations under rules and agreements signed between the two sides.

EGPC called on Petroceltic to settle any dispute amicably, noting that the corporation is always keen on maintaining good relations with all major global companies, particularly British ones operating in Egypt.