Dana gas receives $50M debt repayment from Egypt

CAIRO – 19 May 2017: The UAE-based Dana gas announced that it received Wednesday the repayment of a debt tranche worth $50 million from the Egyptian Government.

"This payment represents 18 percent of the company’s overdue receivables of $283 million from the government of Egypt." Dana gas said in an online

statement

on its official website.

Central Bank of Egypt (CBE) Governor Tarek Amer announced Tuesday that Egypt will pay its $750 million arrears to the international petroleum companies operating in Egypt, in a bid to lower the national debt to the foreign oil and petroleum companies which totals $3.5 billion.

The UAE’s Sharijah-based Dana Gas has been operating in Egypt and Northern Iraq; its daily production in Egypt reaches 66 thousand barrels.