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.