Wednesday, December 29, 2021 – 11:52 am
ABU DHABI, 29th December / WAM / Today, Dana Gas, listed on the Abu Dhabi Stock Exchange, announced that it received a cash payment of $39 million (143 million dirhams) during the month of December from the Egyptian government.
And she said – in a disclosure on the Abu Dhabi Securities Exchange website – that by receiving this payment, the total amounts owed in Egypt will be reduced to less than 30 million dollars (110 million dirhams), at the lowest level since the start of its operations in Egypt in 2007, noting that this The new payment represents a continuation of the cash payments received throughout the current year, during which it witnessed a radical improvement in the level of collection of its dues.
And she explained – in her statement – that the total amounts received in Egypt during the current year rose by 130% to reach $184 million (674 million dirhams), compared to $80 million last year.
For his part, Dr. Patrick Allman-Ward, CEO of Dana Gas, expressed his happiness to receive this cash payment from the Egyptian government, and thus the payments owed to the company in Egypt have fallen to its lowest levels ever.. He pointed out that these payments confirm the Egyptian government’s commitment to settling the amounts owed to companies. operating in the oil and gas sector.
He added: “The acceleration of the payment of cash payments will enhance Egypt’s attractiveness to attract more international investments, which in turn will boost the economic growth of the Republic of Egypt, and the continuity of paying our due cash payments will enhance our expansion plans in Egypt.”
Dana Gas has invested more than $2 billion since the start of its operations in Egypt in 2007, making the company the fifth gas producer in Egypt at a rate of 29,200 barrels of oil equivalent per day during the third quarter of this year.
And mother / Bassam Abdel Samie / Dina Omar