Stanbic Bank, the guarantor, was compelled to refund the cash to after Hong Kong Offshore Oil Services Limited failed to do the job.
The Geothermal Development Company has recovered Sh1.4 billion (about $14 million) awarded to a Chinese contractor for drilling at the Baringo-Silali project.
The company will proceed with its own drilling after the Chinese company vanished despite being paid the Sh1.5 billion, a 25 per cent advance of the contract sum.
“We will proceed with our own drilling operations. Already there is one rig at the site and we have completed drilling of the two wells. The recovery of the funds will boost our operations in the region,” GDC boss Johnson Nchoe in a statement.
