Dana Gas payments from Egypt and Kurdistan jump 107% in 2021 on higher oil prices

Total collections rose to $377 million last year

Dana Gas, one of the largest private natural gas companies in the region, said payments from operations in Egypt and the Kurdistan Region of Iraq rose by 107 percent in 2021.

Collections jumped to $377 million last year, from $182m in 2020 on the back of higher oil prices as well as an accelerated pace of payments from Egypt and settlement of past dues in KRI, the company said on Thursday in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.

Total collections in 2021 have “been enhanced by the rise in oil prices”, said Patrick Allman-Ward, chief executive of Dana Gas. “The decrease of receivables in Egypt to the lowest level since 2007 and the payment of past outstanding receivables in the KRI further strengthened the company’s balance sheet that allowed us to make an additional interim dividend payment of 3.5 fils per share.”