UAE’s Dana Gas receives $39 million from Egypt in Dec
Egypt latest payment boosts Dana Gas confidence for more investments - CEO
United Arab Emirates energy firm Dana Gas said on Wednesday it had received a payment of $39 million (AED 143 million) from Egypt. This reduced the company’s receivables from the North African country to their lowest levels since starting operations in 2007 at less than $30 million.
“This most recent payment complements what has already been a year of significant increases in collections from Egypt,” Dana Gas said in a statement.
The company’s 2021 Egypt collections increased by 130 percent to $184 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. The funds received from the Egyptian government gives Dana Gas further confidence in pursuing its future investment plans in the country.” Patrick Allman-Ward, Dana Gas CEO, said in the statement.
