Middle East

United Arab Emirates Danagas receives $ 39 million from Egypt in December

Dana Gas received $ 39 million (143 million Dhs) from the Egyptian government in December, the company announced Wednesday.

This has reduced accounts receivable from North African states to less than $ 30 million, the lowest level since it went live in 2007. It also complemented the year of significant increases in collections from Egypt, increasing the company’s 2021 Egyptian collection by 130 per person. Cents to $ 184 million ($ 674 million) compared to $ 80 million received in 2020.

Dr. Patrick Allman-Ward, CEO of DanaGas, said:

“This payment underscores the Egyptian government’s commitment to settle the accounts receivable of oil and gas companies. Accelerating payments further enhances the country’s ability to attract more international investment, which in turn leads to economic growth. The funds received from the Egyptian government have given Danagas more confidence in carrying out future investment plans in the country. “

Dana Gas has invested more than $ 2 billion since it first entered Egypt in 2007. Currently, it is the fifth largest gas producing country in the country. Egypt’s production of Danagas in the third quarter was 29,200 boepd.



https://gulfbusiness.com/uaes-dana-gas-receives-39m-from-egypt-in-december/ United Arab Emirates Danagas receives $ 39 million from Egypt in December

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