Abu Dhabi – Mubasher: Dana Gas on Sunday announced that it has received AED 38.2 million ($10.4 million) in February 2018 from selling 157,200 barrels of El Wastani condensate at an average price of $66.5 per barrel.
The sale represents the fourth cargo of Egyptian condensate since the beginning of 2017, in which Dana Gas sold three shipments for a total AED 77 million ($21 million), the Middle East’s largest regional natural gas company said in a statement to the Abu Dhabi Securities Market (ADX).
The shipments are part of the Gas Production Enhancement Agreement signed with the Egyptian government in order to accelerate paying off the overdue receivables, the UAE-based energy producer added.
It is worth mention that Dana Gas collected $164 million in Egypt last year, accounting for 129% of billings.
Accordingly, the company’s total receivable balance fell 14% to $228 million in 2017 from $265 million in Egypt.
