The payment is part of the government's ongoing efforts to reduce their receivables position to zero in 2019
UAE-based natural gas company Dana Gas has received a payment of $19 million (AED 70 million) from its operations in Egypt.
The payment was made up of a $10 million payment from the government in Egyptian pounds and $9 million from the sale of a shipment of El Wastani condensate.
The payment is part of the government’s ongoing efforts to reduce their receivables position to zero in 2019.
In 2018, Dana made good progress in reducing its outstanding balance of overdue receivables. As at 31 December 2018, the net receivables position reduced by 39% to $140 million, the lowest level since 2011.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.