Abu Dhabi – Mubasher: Dana Gas’ board said in its meeting on 23 November that the capital and operating expenditures in Egypt are linked to the payment of budgeted receivables by the state-owned oil and gas firms, according to a bourse statement.
The company said in early November that there are payment delays from Egypt, yet these delays will be offset through better-than-anticipated collections in Kurdistan Region of Iraq.
Egypt’s arrears rose to AED 887 million ($241.49 million) by the end of the third quarter of 2016, compared to AED 843 million ($229.51 million) in the previous quarter of the same year.
The board also reviewed the status of the company’s operations in the UAE, Egypt and Kurdistan, in addition to the current issues related to the company’s plans to develop the projects there.
The board approved during the meeting Dana’s business plan and budget for 2017.
