Dana Gas' KRI, Egypt collections rise 86% in 10 months

Abu Dhabi – Mubasher: The collections of Dana Gas from the Kurdistan Region of Iraq (KRI) and Egypt jumped by 86% year-on-year (YoY) to $283 million (AED 1.03 billion) during the first ten months of 2021 from $152 million (AED 557 million) in the year-ago period.

Higher collections are driven by a rise in oil prices and the settlement of past outstanding receivables in the KRI, according to a press release on Tuesday.

Holding a 35% stake in Pearl Petroleum, the company recorded a 78% rise in its share of collections from sales of condensate, LPG, and gas in the KRI to $150 million (AED 550 million) in the first ten months of 2021 as compared to $84 million (AED 308 million).

In Egypt, Dana Gas collected $133 million (AED 487 million) in the Januay-October period of 2021, compared to $68 million (AED 249 million) in the year-ago period.

The CEO of Dana Gas, Patrick Allman-Ward, commented: "The levels of collections in both the KRI and Egypt have been exceptional over the first ten months of the year due to the rise in oil prices."

Allman-Ward added: "Continuing timely payment of invoices and the settlement of outstanding receivables is so important to providing us with the confidence to carry on with our expansion plans in the KRI and Egypt."

Source: Mubasher

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.