Sharjah-based Danagas says its collections from Iraq’s Kurdistan Region (KRI) and Egypt increased 107% year-on-year in 2021 from $ 182 million in 2020 to $ 377 million. confirmed.
Dana Gas, which owns a 35% stake in Pearl Oil, will increase its share of its collection by selling condensate, LPG and gas at KRI by 80% in 2021, compared to $ 102 million in 2020. That’s $ 184 million. Repayment of past unpaid receivables from 2019 and 2020.
Meanwhile, in Egypt, Dana Gas raised $ 193 million in 2021 to $ 80 million in 2020, an increase of 141% over the previous year. Payments from the Egyptian government have reduced the company’s accounts receivable from North African states to less than $ 20 million, the lowest level since Danagas started operations in Egypt in 2007.
The total collection from Egypt in 2021 includes the $ 48 million payment made by the Egyptian government in December.
“We are very pleased with the power of the 2021 collection, which was strengthened by rising oil prices. Egypt’s accounts receivable fell to its lowest level since 2007 and past receivables paid at KRI. The company’s balance sheet has been further strengthened to allow an additional interim dividend payment of 3.5 Phils per share approved at the General Assembly. December 9th, ”Dana Gas CEO Dr. Patrick Allman- Ward says.
“This record-level collection, supported by rising hydrocarbon prices and improving the macroeconomic environment, has given us the confidence to carry out our investment plans in both KRI and Egypt.
“Rising energy prices will have a positive impact on the realized prices of the products the company sells, and thus on profitability. As we begin 2022, we will continue to grow profitable businesses while maximizing shareholder value. We will focus on it. “
https://gulfbusiness.com/dana-gas-reports-2021-collections-from-egypt-and-kurdistan-of-377m/ Dana Gas reports that the 2021 collection from Egypt and Kurdistan is $ 377 million.