Dana Gas Receives Partial Payment of $50M from the Egyptian Government

Source: www.gulfoilandgas.com 5/18/2017, Location: Middle East

Dana Gas has received an initial payment of US$ 50 million (AED 184 million) from the Egyptian Government as partial payment of its outstanding receivables.

This payment represents 18% of Dana Gas Egypt’s total overdue receivables of US$ 283 (AED 1.038 billion) as of the end of Q1 2017, and was made as part of an industry payment made to the petroleum sector.

Whilst the Company is hopeful that further payments will be forthcoming, it will remain in cash preservation mode given the continued uncertainty around the timing of these collections.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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