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Dana Gas 'optimistic' on outstanding Egypt payments

Monies owed by Egypt to UAE energy firm rise to $200 million in recent months

Reuters, Monday 26 Sep 2011
Dana Gas
Photo: Reuters

UAE energy giant Dana Gas on Monday announced that overdue receivables from Egypt for past gas deliveries had risen to a total of some $200 million. The firm went on to express optimism, however, that monies owed by Egypt would be forthcoming.

"Payments were delayed in recent months, but we're optimistic that they're coming," Dana Gas CEO Ahmed Arbeed told Reuters on the sidelines of an industry conference in Bahrain. "The figure had initially stood at $185 million, but last month it reached around $200 million."

In earlier statements, the company had attributed delays in payment from Egypt to disagreements over the interpretation of certain production-sharing agreement clauses.

Dana Gas boasts significant investment in Egypt. A 20 per cent increase in the firm's Egypt and Iraq operations, in tandem with higher international oil prices, has led to higher company revenues in this year's second quarter.

"We're continuing our operations in Egypt," Arbeed asserted, declining to provide an exact timeline for when he expected outstanding payments to be made.

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