Dana Gas collects USD 83 mln from Egypt, Iraq operations

Dana Gas collects USD 83 mln from Egypt, Iraq operations

Dana Gas said it has received a total of $83 million in collections in the last few weeks.

The company received $47 million against its receivables in Egypt, $36 million of which is in local Egyptian Pounds earmarked to settle overdue payables to service providers to its Egyptian operations. The balance of US$11 million is ring-fenced towards funding for the previously announced Gas Production Enhancement Agreement in Egypt wherein it was agreed that the money received would be reinvested into this project in Egypt going forward.

In relation to its Kurdistan operations, Dana Gas has received a cash advance amounting to $18 million as part of its 40% share in the Pearl Petroleum Joint Venture in the Kurdistan Region of Iraq. This is the result of the commencement of direct, domestic sales of condensate and LPG by PPCL and represents a cash advance guarantee against future product deliveries.

As part of its liquidity management, Dana Gas also completed a 25% sell-down of its remaining equity holding in MOL and realised gross proceeds of $18 million, said the company.

Press Release; Image: Dana Gas

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