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FINANCIAL NEWS
Dana Gas is yet to receive payments for Egyptian gas
03 Aug 2011
(MENAFN) The UAE Dana Gas’s president in Egypt, Hany Elsharkawi, said that Dana did not receive payments for gas delivered to the Egyptian government, just like the time when Dana’s management reported delayed payments of USD148m for gas sales to the Egyptian government, reported Reuters.
Elsharkawi also said that the delay in payments was a result of disagreements over the interpretation of certain production sharing agreement clauses with respect to the means of calculating profit share splits at different production levels.
It is worth mentioning that Dana Gas has significant investments in Egypt, the company said earlier that it produced about 4.25 million barrels of oil equivalent in the country during the first three months of the current year.
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