Dana: Egypt, KRG Payment

UAE-based Dana Gas, the privately owned gas company based in Sharjah, said on 23 October that it had received payments totalling $65mn from Egypt and the Kurdistan Regional Government (KRG).

Although the amount paid out is a small chunk of the company’s total receivables, it indicates a desire by Cairo, and more importantly by the KRG, to resolve outstanding issues that were threatening further investment.

Dana Gas said in a disclosure to the Abu Dhabi stock exchange that it had in recent weeks received $47mn from the Egyptian government against its receivables. It said the equivalent of $36mn was paid out in Egyptian pounds earmarked to settle overdue payments to service providers in the company’s Egyptian operations. (CONTINUED - 380 WORDS)