Published: Sep 30, 2014
Source: Emirates 24|7

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Dana Gas in deal to recover $280m owed by Egypt

Dana Gas has signed a revised deal with Egypt that will help it to recover most of the $280 million it is owed by the government for exploration and production assets in the country, the UAE energy company said. 

Political turmoil and violence since the 2011 revolt that ousted Egyptian leader Hosni Mubarak has hit the economy hard and Egypt has struggled to pay foreign companies for gas, with some major gas projects grinding to a halt at a time when generous state subsidies are stoking demand.By Reuters. Read more>>>

 

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