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UAE’s Dana Gas receives $39 million from Egypt in December

UAE’s Dana Gas receives $39 million from Egypt in December

ArabFinance: Sharjah-based Dana Gas has received a payment of $39 million, equivalent to AED 143 million from the Egyptian Government in December 2021, according to a press release.

Accordingly, the Emirati company’s receivables from Egypt have been reduced to below $30 million, marking its lowest levels since commencing operations there in 2007.

This payment complements a year of significant increases in collections from Egypt, raising Dana Gas’ 2021 Egypt collections by 130% to $184 million (AED 674 million), compared to $80 million received in 2020.

“The payment underscores the government of Egypt’s commitment to settle oil and gas companies’ receivables. The acceleration of payments will further enhance the country’s ability to attract more international investment, which will in turn boost economic growth,” Dana Gas CEO Patrick Allman-Ward said.

“The funds received from the Egyptian government gives Dana Gas further confidence in pursuing its future investment plans in the country,” he added.

It is worth noting that Dana Gas has invested more than $2 billion in Egypt since it first entered there in 2007.

The company’s production in Egypt stood at 29,200 barrels of oil equivalent per day (boepd) during the third quarter (Q3) of 2021.

Dana Gas is a leading natural gas company in the Middle East, with operations in Egypt, Iraqi Kurdistan, and the UAE.

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