Middle East-based independent Dana Gas announced late Sunday that it has received a $60-million equivalent payment from the Egyptian government – representing 28 percent of the money owed to it by Egypt.
Dana said that that the sum was paid in the form of $10 million in US dollars and $50 million in Egyptian pounds. The firm said that the money will be used to pay for the company's overdue industry receivables as well as to fund future investment requirements and address its operational expenses in Egypt.
Last year, Dana Gas and the Egyptian government signed a Gas Production Enhancement Agreement that allows the company to enhance production and gradually recover its outstanding receivable payments in a phased manner over a three-year period.
Dana CEO Patrick Allman-Ward commented in a company statement:
"We would like to thank the Egyptian government for making this payment. We are also delighted to have concluded the Gas Production Enhancement Agreement and are working closely with the authorities to accelerate the implementation of the GPEA in order to fast-track enhanced production and the payment of the remaining outstanding receivables as quickly as possible going forward. Dana Gas is now preparing for the start-up of the project and is in the process of securing materials and drilling rigs."
Have a news tip? Share it with Rigzone!
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
More from this Author
Most Popular Articles
From the Career Center
Jobs that may interest you