Gulf Daily news: Dana Gas receives $60 million from Egypt

Dana Gas, the Middle East's leading regional private sector natural gas company, has received $60 million from the Egyptian government.

The payment represents 28 per cent of the total overdue receivables of $212m. All of this money will be used to pay for the company's overdue industry receivables, fund future investment requirements and address operational expenses in Egypt.

Earlier in 2014, Dana Gas and the Egyptian government signed the landmark gas production enhancement agreement (GPEA) which allows the company to significantly enhance production and gradually recover its outstanding receivables in a phased manner over a three-year period going forward.

The agreement allows investments to be made in an important development programme to eventually increase production from current levels of around 40,000 barrels of oil equivalent per day from the company's development leases in the Nile Delta.
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