Dana Gas receives more $40M from Egypt

CAIRO – 7 June 2017: UAE-based Dana Gas announced receiving $40 million from its outstanding receivables in Egypt, the company said in a Wednesday statement.

The sum brings the total value paid by the Egyptian government to the Emirati firm in 2017 to $135 million.

A total value of $187 million is yet to be repaid by Egypt, Dana Gas said.

On May 21, Dana Gas said it received further $20 million as another partial payment of its outstanding receivables, two days after obtaining a $50 million tranche.

Undersecretary to the Central Bank of Egypt (CBE) for foreign reserves Ramy Aboul-Naga told state-owned news agency MENA that the central bank repaid a total value of $750 million to international oil companies (IOCs.)

The $750 million installment is deemed the second one for IOCs in two month, bringing the total sum paid in May and June combined to $1.5 billion.