Sharjah – The overall collections from Egypt in 2021 consist of a $48 million settlement made by the Egyptian federal government in December
Dana Gas has actually revealed that its collections from the KRI as well as Egypt increased 107 percent year-on-year in 2021 to $377 million, or Dh1.38 billion, from $182 million in 2020, improved by a solid rebound in oil costs, an increased speed of repayments from Egypt as well as the negotiation of previous superior KRI receivables.
Dana Gas, which possesses a 35 percent passion in Pearl Oil, saw its share of collections from sales of condensate, LPG as well as gas in the KRI increase 80 percent to $184 million, or Dh674 million, in 2021 versus $102 million in 2020. This boost adheres to the complete payment of previous superior receivables from 2019 as well as 2020.
On The Other Hand in Egypt, Dana Gas accumulated $193 million throughout 2021, contrasted to $80 million in 2020, a 141 percent year-on-year dive. The repayments from the federal government of Egypt have actually minimized the business’s receivables from the North African state to under $20 million, or Dh73 million, the most affordable degree considering that Dana Gas began procedures in the nation in 2007.
The overall collections from Egypt in 2021 consist of a $48 million settlement made by the Egyptian federal government in December.
Dr. Patrick Allman-Ward, Chief Executive Officer of Dana Gas, stated: “We are incredibly pleased by the stamina of our collections in 2021, which have actually been improved by the increase in oil costs. The decline of receivables in Egypt to the most affordable degree considering that 2007 as well as the settlement of previous superior receivables in the KRI even more enhanced the business’s annual report that permitted us to make an extra acting reward settlement of 3.5 fils per share that was accepted at the General Fulfilling on December 9.”
” This document degrees of collections has actually likewise supplied us with the self-confidence to seek our financial investment strategies in both the KRI as well as Egypt sustained by greater hydrocarbon costs as well as an enhancing macro-economic atmosphere. Greater power costs have a favorable effect on the understood costs of the items offered by the Firm as well as for this reason its success. As we begin 2022, we will certainly stay concentrated on beneficially expanding our organization whilst increasing investor worth,” he included.
— Wam
