Egypt may delay $148 million payment to Dana Gas

Ahram Online, Thursday 22 Dec 2011

Dana Gas stock price tumbled to a record low in its longest stretch of losses in three years after Al-Bayan newspaper reported that Egypt wants to delay a $148 million payment to the fuel producer

Dana Gas
The company's share declined 4.3 per cent on Egypt's delay payment Photo: Reuters

Egypt wants to delay a $148 million payment to fuel producer Dana Gas, Beltone Financial reported, citing an Al-Bayan newspaper report based on anonymous government sources.

The government and company are in talks over paying part of the money owed and obtaining a grace period of a year or more for the rest, the newspaper said, quoting Dana Gas chairman Hany El-Sharkawi.

The shares of Dana Gas declined 4.3 per cent by 12:42pm in Abu Dhabi, the lowest level since the company’s shares were listed in December 2005, according to data compiled by Bloomberg.

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