FINANCIAL NEWS

Sharjah-based Dana Gas’s debt hits USD501m in 2011

20 Mar 2012

(MENAFN) Sharjah-based Dana Gas said its debt liabilities almost doubled to USD501 million last year, Bloomberg reported.

Energy company, which has USD1 billion in Islamic bonds due in October, said USD212 million of the total was owed for more than four months.

In January, Dana Gas reported USD138 million net profit last year, up from USD43 million in 2010, over higher output and prices.

Dana Gas is a private natural gas company producing some 65,000 barrels of oil equivalent per day of oil, gas and natural gas liquids from its operations in Egypt and the Kurdistan Region of Iraq.

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