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24/10/2014 08:19 AST
Dana Gas PJSC has received a total of $83 million (Dh307 million) in collections in the last few weeks, the company disclosed in a statement on Abu Dhabi Securities Exchange.
The company said it received $47 million (Dh174 million) against its receivables in Egypt, $36 million of which is in Egyptian pounds earmarked to settle overdue payables to service providers to its Egyptian operations.
The balance of $11 million is ring-fenced towards funding for the previously announced Gas Production Enhancement Agreement in Egypt wherein it was agreed that the money received would be reinvested into this project in Egypt going forward, the company said.
In relation to its Kurdistan operations, Dana Gas has received a cash advance of $18 million (Dh66.6 million) as part of its 40 per cent share in the Pearl Petroleum Joint Venture (PPCL) in the Kurdistan Region of Iraq. This is the result of the commencement of direct, domestic sales of condensate and LPG by PPCL and represents a cash advance guarantee against future product deliveries, the company said.
As part of its liquidity management, Dana Gas also completed a 25 per cent sell-down of its remaining equity holding in MOL and realised gross proceeds of $18 million (Dh66.6 million).
Headquartered in Sharjah, Dana Gas has a network of offices in Kurdistan Region of Iraq and Egypt. The company’s primary area of activity is in the upstream sector. It also operates in the midstream and downstream sectors, in particular where it adds value to its upstream activities. It has a geographic focus on the Middle East, North Africa and South Asia (Menasa) Region.
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Gulf stock markets were generally little changed on Sunday, though Abu Dhabi’s Dana Gas surged on news of plans for its first annual dividend for several years.
The Abu Dhabi index rose 0.
The Gulf Today
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
Ticker | Price | Change |
---|---|---|
PETRORABIGH | 25.42 | 0.41 (1.63 |
BAHRI | 31.56 | -0.29 (-0.92 |
TAQA | 0.85 | 0.00 (0.00 |
ADNOCDIST | 2.64 | 0.07 (2.72 |
ALDREES | 26.08 | -0.31 (-1.18 |
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