Dana Gas reaches deal with Egypt to recover millions in back payments | The National

Dana Gas reaches deal with Egypt to recover millions in back payments | The National:



"Dana Gas has struck a deal with Egypt’s government that it expects will help it recover hundreds of millions of US dollars in back payments for gas and related products which it has been owed since the Arab Spring turmoil in 2011.



However, the Sharjah-based company must first finalise details on the financing of a new drilling programme, and the results will not show up in the company’s cash flow until the year after next.



Nevertheless, the Dana Gas chief executive, Patrick Allman-Ward, said the deal provides a way for it to invest in a new drilling programme, which in turn will increase production, and eventually enhance its cash flow substantially. A highlight of the deal is that allows Dana Gas to keep a substantially larger share of gas-related products — including LPG — which it can sell on the international markets to generate cash independent of the Egyptian government."



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