The 2019 decision by UAE based independent Dana Gas to sell its Egypt assets and focus solely on Iraqi Kurdistan always looked strategically questionable (MEES, 4 October 2019). As a steady producer Egypt is a useful counterweight to the potential for Iraqi instability.
Perhaps the sale is more one of necessity than choice. In its 2019 results on 12 February Dana reveals that cash from the sale of its Egypt asset is earmarked for a $397mn Sukuk repayment due in October. (CONTINUED - 562 WORDS)