UAE’s Dana Gas to invest USD350m in Egypt

15 Mar 2015

(MENAFN) Dana Gas is set to invest a sum of USD350 million in Egypt over the next 30 months and expects to receive outstanding arrears from the government by the end of 2016, according to the firm’s chief executive, Reuters reported

The investments include drilling nearly 40 new development wells, a similar number of work overs on existing wells, building new pipelines and debottlenecking an existing plant.

According to the chief executive, Dana will pay Egypt a sum of USD185 million in arrears by the end of 2016, but if they didn’t deliver on that date, the company will reclaim the money by the end of 2018.

Egypt has fallen into debt when it comes to paying oil and gas payments, a shortfall that was due to its hampered economy by the four years of instability since the fall of Hosni Mubarak in 2011.

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