UAE’s Dana Gas receives overdue $40 million additional payment from Egypt

Sharjah-based Dana Gas said Wednesday it has received an additional $40 million (AED 147 million) from the Egyptian government as another partial payment of its outstanding receivables.

“This brings the total amount received from the Egyptian government in 2017 to US$ 135 million,” Dana Gas added, saying the current receivables balance in Egypt now stand at $187 million (AED 687 million).

Egypt, which owed international oil companies a total of $3.5 billion before the three recent payments, is struggling with paying its dues amid a shortage of dollars despite the floatation of its pound in early November.

Dana Gas received earlier in May two payments worth $50 million and $20 million, respectively from the Egyptian government.