Dana Gas receives additional $20M debt repayment from Egypt

CAIRO – 21 May 2017: The UAE-based Dana gas announced Sunday it received a further $20 million as another partial payment of its outstanding receivables, two days after obtaining a $50 million tranche.

“This payment was made entirely in Egyptian pounds,” Dana gas said in an online statement to Abu Dhabi Securities Exchange posted Sunday.

“These payments together represent 25 percent of Dana Gas Egypt's totals overdue receivables of $ 283 million as of the end of Q1 2017,” the statement read.

Central Bank of Egypt’s Governor Tarek Amer announced last week that Egypt will pay $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.