I would like to assure you that we shall continue fulfilling our obligations. Our performance will not be compromised in light of the difficulties we face from closures, unstable political and economic conditions and limited of financial resources of the National Authority that directly impact us. This has led us to the only solution of negotiating with the Energy Authority and with the Ministry of Finance in order to settle the accumulated and outstanding receivables from the National Authority. Supported by our board members and our Chairman, we finally succeeded after numerous meetings and collaborations with the Ministry of Finance and the Energy Authority, to reach an agreement by which we provided special concessions yet allowing us to proceed and continue in our work and our mission.
We have agreed to offer a a one-time discount from the accumulated receivables in order to guarantee the payment of the outstanding balance within 15 months in the form of promissory notes to be paid by the Ministry of Finance. We have also granted a monthly discount for an amount of US$ 150,000 as a contribution in supporting the budget of the National Authority while ensuring that we maintain a cash flow that would sustain our operations.
Despite facing false, negative and biased media campaigns that do not reflect the reality of the situation and aimed at distorting the true nature of our mission, our priority remains to support the Authorities in maintaining the supply of the fuel allowing us to continue generating power. We cooperate with the Energy Authority and all the official parties to ensure this. In line with our transparency policy, we have openly answered questions and shed light on the reality of the matter clarifying that the company is not the party causing the distrution in electricity generation. On the contrary, we have carried out our mission on the highest standards despite all the difficult circumstances, and this project is now one of the top three national projects that provide a fundamental service to the people of Gaza.
The power plant operates according to the available quantities of fuel together with the requirements of the Energy Authority and the Distribution Company. With the availability of fuel, we are capable of generating power under the most challenging conditions. We have dedicated all our resources to ensure the continuity of our operations and it’s important that we work hand in hand with all the official related parties for the service of our people and nation.
Despite of the various allegations raised and negated, this power plant is a distinct national and investment project. I am very proud of our operational team, management, and technical staff. We are continuously working on enhancing their skills and supporting their development to put them at the forefront of advancements and technological upgrades. We have also signed new agreements with maintenance companies to be able to increase our efficiency and reduce our costs.
I would also like to thank our Board of Directors for their support and communication with related political and economic parties in Palestine. I am optimistic that we will succeed in in receiving natural gas as the main fuel for this plant presenting the public with a permanent solution to the electricity sector in Gaza.
Vice Chairman & Executive Managing Director