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Dana Gas Receives $19m from Egypt

Source: www.gulfoilandgas.com 3/31/2019, Location: Egypt

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Dana Gas PJSC, the Middle East's largest regional private sector natural gas company, has received a payment of $19 million (AED 70 million) from its operations in Egypt. This payment is made up of a $10 million payment from the Government in Egyptian pounds and $9.0 million from the sale of a shipment of El Wastani condensate.

The payment is part of the Government's ongoing efforts to reduce their receivables position to zero in 2019. In 2018, the Company made good progress in reducing its outstanding balance of overdue receivables. As at 31 December 2018, the net receivables position reduced by 39% to $140 million, the lowest level since 2011.

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