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Tue 24 Dec 2013 03:10 PM

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UAE's Dana Gas gets $53m from Egyptian gov't

Abu Dhabi-listed energy firm says it is owed total of $330m by Cairo authorities

UAE's Dana Gas gets $53m from Egyptian gov't
(Photo for illustrative purposes only)

Abu Dhabi-listed Dana Gas said on Tuesday that it had received $53 million from the Egyptian government out of a total of $330 million owed to the company by Cairo.

Payment of $42 million was received in US dollars and the balance in the form of Egyptian pounds, Dana said in a statement to Abu Dhabi's bourse.

Including the latest payment, Dana Gas has received a total of $130 million from the Egyptian authorities this year, it said.

The Egyptian government has committed to work with the company on a plan to repay the remainder of its debt over an agreed time frame, Dana said without elaborating.

Egypt will complete payment this week of $1.5 billion of the $6.3 billion which it says it owes oil firms, an Egyptian state executive said on Monday.

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