RIYADH: Debts owed to the UAE-based natural gas company Dana Gas from Egypt dropped to below $30 million, reaching its lowest levels since its commencement of operations in 2007.
This followed Egypt’s payment of 143 million dirhams ($39 million) in December.
The latest payment raises the company’s 2021 Egypt collections by 130 percent to $184 million compared to $80 million received last year.
“The acceleration of payments will further enhance the country’s ability to attract more international investment, which will in turn boost economic growth,” CEO, Patrick Allman-Ward, said.
“The funds received from the Egyptian government gives Dana Gas further confidence in pursuing its future investment plans in the country,” he added.
This comes in line with the north African state’s commitment to settle oil and gas companies’ receivables.
Since 2007, Dana Gas has invested over $2 billion in Egypt, with a production of 29,200 barrels of oil equivalent per day.
