Dana Gas gets $50m partial payment from Egypt
SHARJAH, May 20, 2017
Dana Gas, the Middle East's largest regional natural gas company, said it has received an initial payment of $50 million from the Egyptian government as partial payment of its outstanding receivables.
This payment represents 18 per cent of Dana Gas Egypt’s total overdue receivables of $283 million as of the end of the first quarter of 2017, said the company in a statement.
It was made as part of an industry payment made to the petroleum sector, it stated.
Whilst the company is hopeful that further payments will be forthcoming, it will remain in cash preservation mode given the continued uncertainty around the timing of these collections.-TradeArabia News Service
