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SHARJAH / WAM
Dana Gas has announced that it received payments of $48 million (AED177 million) from its operations in Egypt in June. These collections comprise $38 million in payments from the government (of which $30 million as Dana Gas’ share of the industry payment) and $10 million from the sale of the second El Wastani condensate shipment in 2019.
The industry payment is part of the Government’s ongoing efforts to reduce its overdue receivables position to zero by the end of 2019. Since 2018, the Company has continued to make steady progress in
reducing its outstanding balance of overdue receivables. The total receipts from Egypt in 2018 reached $208 million, reducing the total receivables sum to $140 million by year end, the lowest level since January 2011.