Continental Focus, International Reach

Egypt Continues to Pay Down Dana G Debt

Monday, April 1, 2019

Dana Gas received a payment of $19 million from its operations in Egypt. This payment is made up of a $10 million payment from the government in Egyptian pounds and $9.0 million from the sale of a shipment of El Wastani condensate.
The payment is part of the Egyptian government’s ongoing efforts to reduce their receivables position to zero in 2019.

In 2018, the company made good progress in reducing its outstanding balance of overdue receivables. At the end of 2018, the net receivables position reduced by 39% to $140 million, the lowest level since 2011.