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Thursday, 9 February 2017

UPDATE 2-UAE's Dana Gas freezes Egypt investments over debts | Reuters

UPDATE 2-UAE's Dana Gas freezes Egypt investments over debts | Reuters:

"Dana Gas will not make new investments in Egypt because of delays in obtaining payments owed to it there, the chief executive of the United Arab Emirates company said.

Political and economic turbulence in Egypt and Iraqi Kurdistan mean Dana has struggled to secure revenues in either country, once again hitting its profit on Thursday.

Dana posted a $7 million net profit in the three months to Dec. 31, versus $134 million in the same period of 2015 when it benefited from a one-off legal settlement. Shares in Dana fell 3.7 percent following the results."



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