Dana Gas Receives $47 million in Debt Payment from Egypt

UAE’s Dana Gas said on Thursday it received $47 million from Egypt, $36 million of which is in local Egyptian pounds as the country embarked to settle overdue payables to service providers to its Egyptian operations.

The balance of US$11 million is ring-fenced towards funding for the previously announced Gas Production Enhancement Agreement in Egypt wherein it was agreed that the money received would be reinvested into this project in Egypt going forward, said the firm in a press release.