Payday for Dana Gas: Egypt gives UAE company $53 million
Dana Gas announced on Tuesday that it has received from the Egyptian Government authorities the payment of Dh194 million ($53 million) from the current total outstanding receivables of Dh1,210 million ($330 million).
Payment of $42 million has been received in US dollars and the balance in equivalent Egyptian pounds. Including this tranche, during 2013, Dana Gas has received a total of Dh476 million ($130 million) from the Egyptian Government authorities. The Egyptian Government has committed to work with the Company on a plan to repay the remainder of the outstanding receivables over an agreed time frame.