Dana Gas’ collections from the KRI (Kurdistan Region of Iraq) and Egypt increased 86% year-on-year in the first ten months of the year to AED1.03 billion ($283 million) from AED557 million in the same period the previous year. 

 

The Middle East's largest regional private sector natural gas company was supported by higher oil prices and the settlement of past outstanding receivables in the KRI.

 

Dana Gas, which owns a 35% interest in Pearl Petroleum, saw its share of collections from sales of condensate, LPG and gas in the KRI increase 78% to AED550 million in the first ten months of 2021 as compared to AED308 million, following the full repayment of outstanding receivables from 2019 and 2020.

 

In Egypt, Dana Gas collected AED487 million during the first ten months of 2021, compared to AED249 million received in the same period of 2020, representing a 96% increase.

 

Dr Patrick Allman-Ward, CEO of Dana Gas, said: “We are extremely pleased that the outstanding receivables in the KRI from 2019 and 2020 have been fully paid down, with the company now having no outstanding long-term receivables from the KRI. 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. 

 

“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. Together with the rebound in hydrocarbon prices this will also boost our revenues, profitability and cash position.”-- TradeArabia News Service