Abu Dhabi – Mubasher: Dana Gas has received $39 million (AED 143 million) from its operations in Egypt during December.
The payment has cut the company’s receivables from Egypt to less than $30 million, marking its lowest levels since launching operations in the country in 2007, according to a press release on Wednesday.
Dana Gas has recorded a 130% surge in collections received from Egypt to $184 million (AED 674 million) during 2021, compared to $80 million in 2020.
The CEO of Dana Gas, Patrick Allman-Ward, said: "The acceleration of payments will further enhance the country’s ability to attract more international investment, which will in turn boost economic growth. The funds received from the Egyptian government gives Dana Gas further confidence in pursuing its future investment plans in the country."
It is noteworthy to mention that during the first ten months of 2021, the collections of Dana Gas from the Kurdistan Region of Iraq (KRI) and Egypt jumped by 86% year-on-year (YoY) to $283 million from $152 million in the year-ago period.
