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- Saudi Arabian Shares Drop Most in 10 Months After Oil Tumbles
- Sipchem inks $373m loan deal for key project
- Yen Gains on Slowing U.S. Growth Amid Europe Crisis Safety Bets
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22/05/2017 07:39 AST
The combined payments represent 25 per cent of Dana Gas's total overdue receivables of $283 million as of the end of the first quarter.
Egypt has been struggling to pay off its debt to hydrocarbon companies in US dollars - it owed international oil companies a total of $3.5 billion before last week's payments. The country hopes to offset this challenge with funds from the IMF.
The Washington-based lender approved a $12bn extended fund facility to help address its economic challenges. The North African country expects to receive the second instalment in June, bringing the total amount from the IMF to $4bn.
While oil and gas companies have been able to pay for in-country activities in Egyptian pounds, other areas have suffered. Dana Gas said in an emailed statement to The National last week: "We have expenses in Egyptian pounds so local currency can be used to cover local expenses in Egypt."
In addition, the company - under the gas production enhancement agreement signed in 2014 - sold a $7.2m shipment of gas condensate on the international markets last month.
Dana Gas said in its first quarter earnings that the cash generated from the export of the government's share of incremental condensate will be used to pay down the outstanding receivables owed to the company by the Egyptian government.
The National
28/03/2018
Dana Gas will seek shareholder approval to pay a dividend for 2017, it said on Sunday, in a move that could complicate its legal dispute with investors demanding that the company settles $700mn of Is
Gulf Times
27/03/2018
Dana Gas, the Sharjah company tangled in legal battles over the legality of its $700 million sukuk, said on Monday a UAE court has issued a new anti-suit injunction against BlackRock, the world's big
The National
26/03/2018
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 | Change |
|---|---|---|
| SAUDIARAMCO | 27.70 | 0.00 (0.00 |
| ABAR | 158.00 | -1.00 (-0.63 |
| ADNOCGAS | 3.48 | 0.12 (3.57 |
| ADNOCDRILL | 5.51 | 0.03 (0.54 |
| BAHRI | 29.55 | -0.15 (-0.51 |
14/09/2024
RIYADH: Saudi master developer Emaar The Economic City's SR8.7 billion ($2.32 billion) capital optimization plan is a "strategic response" to its current financial challenges, according to its CEO. <
Saudi Gazette
12/09/2024
Saudi wheat flour producer Arabian Mills for Food Products Co. has set its final initial public offering price at SR66 ($17.59) per share on the Tadawul main market. During the book-building proces
Arab News
04/05/2018
SABIC announced the successful completion of the pilot operation of the Methyl Methacrylate Monomer (MMA) and Poly Methyl Methacrylate (PMMA) plants and the commencement of commercial operations.
Saudi Gazette
05/04/2018
Standard & Poor's (S&P) has affirmed QIB's Issuer Credit Rating at A-, Qatar's leading Islamic bank has said in a release. According to S&P, the major contributing factors strengthening QIB's rating
Gulf Times
05/04/2018
Qatar National Bank (QNB) aims to increase its profit by 5-8 percent this year and loans and investments by 10-12 percent, helped by expansion into faster-growing Southeast Asia markets, its CEO told
The Peninsula
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