Dana Gas’s 2021 collections increase 107% to $377m

Sharjah - The total collections from Egypt in 2021 include a $48 million payment made by the Egyptian government in December

Dana Gas has announced that its collections from the KRI and Egypt rose 107 per cent year-on-year in 2021 to $377 million, or Dh1.38 billion, from $182 million in 2020, enhanced by a strong rebound in oil prices, an accelerated pace of payments from Egypt and the settlement of past outstanding KRI receivables.

Dana Gas, which owns a 35 per cent interest in Pearl Petroleum, saw its share of collections from sales of condensate, LPG and gas in the KRI rise 80 per cent to $184 million, or Dh674 million, in 2021 versus $102 million in 2020. This increase follows the full repayment of past outstanding receivables from 2019 and 2020.

Meanwhile in Egypt, Dana Gas collected $193 million during 2021, compared to $80 million in 2020, a 141 per cent year-on-year jump. The payments from the government of Egypt have reduced the company’s receivables from the North African state to under $20 million, or Dh73 million, the lowest level since Dana Gas commenced operations in the country in 2007.

— Wam