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Tuesday, 09 March 2021

UAE's Dana Gas delays decision on Egypt assets sale: Sources

Reuters , Thursday 2 Apr 2020
Dana Gas
File photo: Dana Gas (AP)
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Views: 1431

The United Arab Emirates-based energy producer Dana Gas has delayed a decision on whether to sell its Egyptian assets because of the market turmoil caused by the coronavirus outbreak, two sources close to the talks said on Thursday.

In February, Dana Gas said it had received bids from some companies for its assets in Egypt and that a final decision would be made by the end of March.

“A decision has not been reached yet, mainly due to the coronavirus global impact. However the (assets) valuation process is under way,” one of the sources told Reuters on condition of anonymity.

No specific date was given for reaching a decision on the potential sale, but a second source said it was “on track”.

Production from Egypt fell 4% to 33,000 barrels of oil equivalent per day (boepd) in 2019 from 34,500 boepd in 2018, the company said in February. 

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