FINANCIAL NEWS

UAE- Dana Gas gathers USD73.7m in receivables from Kurdistan, Egypt

02 Apr 2013

(MENAFN) UAE-based Dana Gas announced that since the start of the year, it has managed to gather USD73.7 million in receivables from its operations in Egypt and Iraq’s Kurdistan region, reported Gulf News.

The Sharjah-based energy company, which failed to pay a USD920 million Islamic bond on maturity in October 2012, said that the collected payments account for nearly 12.5 percent of the USD589 million total outstanding receivables still owed to the firm at the end of last year.

At the end of 2012, the Kurdistan Regional Government (KRG) debts to Dana for fuel supplied stood at almost USD353 million, compared with about USD240 million at the end of the previous year.

In December 2012, the company gathered USD48 million of the Kurdish debts, and collected USD32.4 million in January 2013.

Meanwhile, in 2012, the firm collected almost USD163 million receivables from Egypt, however, receivables from gas supplied in the North African country grew to about USD236 million at the end of 2012 from USD228 million at the end of 2011.

In January, Cairo paid Dana USD41.3 million for gas supplied but not paid for, mainly as a result of political unrest in the country since 2011.

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