Dana receives Egypt payment

Abu Dhabi-listed Dana Gas said yesterday that it had received $53 million from the Egyptian government out of a total of $330m owed to the company by Cairo.

Payment of $42m was received in US dollars and the balance in the form of Egyptian pounds.

Including the latest payment, Dana Gas has received a total of $130m from the Egyptian authorities this year.

The Egyptian government has committed to work with the company on a plan to repay the remainder of its debt over an agreed time frame.