Hyflux gets BNP Paribas $57.73 million project bond payment demand

By Caroline Salls

Pittsburgh, May 6 – Hyflux Ltd. announced Monday that performance bond issuer BNP Paribas El Djazaïr has accelerated the payment of $57.73 million due on a performance bond for the company’s Magtaa, Oran, Western Algeria desalination plant project.

The demanded payment includes the claim amount and handling commission, fees and charges due for the period of April 1, 2018 to May 8, 2019.

Hyflux said it disputes project company Tahlyat Myah Magtaa SpA’s right to make a claim for payment and it has filed an injunction application against the issuer of the performance bond that guarantees payment of claims by TMM.

According to the announcement, the demand from BNP Paribas is expected to have a material impact on the financial performance of the Hyflux group.

Hyflux is a Singapore-based water treatment firm.

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