Emirates News Agency – “Dana Case” receives $ 39 million in its new package in Egypt

Abu Dhabi, December 29 / WAM / Today, Dana Gas, listed on the Abu Dhabi Stock Exchange, announced that it had received $ 39 million (143 million dirhams) in cash from the Egyptian government in December.

He added – on the Abu Dhabi Securities Exchange website – that by taking this fee, the total amount to be paid in Egypt would be reduced to less than $ 30 million (110 million dirhams), which is very low from the start. With its operations in Egypt in 2007, this new payment represents a continuation of the cash payments received throughout the current year.

He explained that the total amount received in Egypt in the current year increased by 130% compared to $ 80 million last year, reaching $ 184 million (674 million dirhams).

For his part, Dr. Dana Gass’s CEO. Patrick Allman-Ward expressed delight at receiving this cash from the Egyptian government, which has led to an unprecedented reduction in payments to the company in Egypt, he pointed out. These payments confirm the commitment of the Egyptian government to settle the amount owed to companies operating in the oil and gas sector.

He added: “Accelerating cash payments will increase Egypt’s attractiveness for attracting more international investment, which will boost the economic growth of the Republic of Egypt and the continuation of our outstanding payments will enhance our expansion plans in Egypt.”

Dana Gas has invested more than $ 2 billion since it began operations in Egypt in 2007, making it the fifth largest gas producer in Egypt at a rate of 29,200 barrels of oil per day in the third quarter of this year.