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FINANCIAL NEWS
Egypt delays USD148m Dana Gas payments
13 May 2011
(MENAFN) Dana Gas’ CEO, Ahmed Al-Arbeed, said that as a result of delayed payments of USD148 million for gas from Egypt, the energy firm might reconsider investing in the country, reported Arab News.
Al-Arbeed added that the company invested in large projects in Egypt, in the first quarter it produced 4.25 million barrels of oil equivalent (BoE), in addition to its projects in UAE, Iraq and Egypt.
He also aid that last month, Dana’s price target was reduced by ten percent by research firm AlembicHC, which warned that receivables at the company would be expected to increase rapidly in the short term as the Egyptian government postponed payments.
It is worth noting that two years ago, Dana Gas and Crescent Petroleum formed a consortium with Austria’s OMV and MOL to pump enough gas from Iraq’s Kurdistan region to start the Nabucco pipeline to Europe via Turkey.
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