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Dana Gas receives $53m from Egypt

Dubai, December 24, 2013

Abu Dhabi-listed Dana Gas said on Tuesday that it had received $53 million from the Egyptian government out of a total of $330 million owed to the company by Cairo.

Payment of $42 million was received in U.S. dollars and the balance in the form of Egyptian pounds, Dana said in a statement to Abu Dhabi's bourse.

Including the latest payment, Dana Gas has received a total of $130 million from the Egyptian authorities this year, it said. The Egyptian government has committed to work with the company on a plan to repay the remainder of its debt over an agreed time frame, Dana said without elaborating.

Patrick Allman-Ward, chief executive officer of Dana Gas, said: “We would like to thank the Egyptian Government for making this payment. We are working closely with the authorities to find creative solutions to fast track the repayment of the remaining outstanding receivables and ongoing payments schedule going forward. An early resolution in this regard will encourage new investments in the Oil & Gas sector in Egypt leading to higher domestic production”.

Egypt will complete payment this week of $1.5 billion of the $6.3 billion which it says it owes oil firms, an Egyptian state executive said on Monday. – TradeArabia News Service & Reuters




Tags: Egypt | Dana Gas |

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