UAE's Dana Gas receives $40m Egyptian payment

Energy firm says it has received $135m in total payment in 2017

UAE-based Dana Gas has received $40 million from Egyptian government, bringing down its outstanding receivables to $187 million.

In statement posted on the Abu Dhabi Securities Market on Wednesday, the company said the total payment received from Egypt reached $135m this year.

No details were given on when the remaining payment is likely to be received.

This month, Bloomberg reported that energy firm has appointed Houlihan Lokey as financial adviser and Squire Patton Boggs as legal adviser for the restructuring of its $700 million sukuk (Islamic bond), maturing in October.

In May, the news agency reported that Dana Gas and its partners Pearl Petroleum were seeking damages of at least $26.5 billion from Iraq’s self-governing Kurdish region for delays in oil and natural gas projects.

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