Low Prices Hit Dana Gas in Debt Recovery Bid

摘要

Abu Dhabi-listed Dana Gas said Sunday it expects to recover its $221 million overdue receivables on natural gas sold to the Egyptian government only by 2019 - one year later than originally expected due to low oil and gas prices. But even the revised time frame is dependent on what happens to prices in the interim. Dana received $125 million in cash and offset payments in Egypt in 2015, a 5 improvement on 2014. "Egypt remains core to our long-term plans despite market difficulties," Chief Executive Patrick Allman-Ward said, noting that further investment in the North African country would be required for Dana to continue to get paid.