Aveng learns painful R500m lesson
Client FGEN calls in more than R500m in guarantees following project delays in the Philippines
13 April 2023 - 14:52
UPDATED 13 April 2023 - 23:00
Aveng is in frantic talks with its client FGEN LNG Corporation after it called in over R500m in project guarantees following project delays in the Philippines.
The move by FGEN LNG Corporation to pull the guarantees for the Batangas liquefied natural gas (LNG) project prompted Aveng to warn shareholders on Thursday it will incur losses in the year to end-June as a result of numerous delays in completing the gas project...
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