Dana Gas has collected a total of $73.7 million in receivables from its operations in Egypt and the Kurdistan region of Iraq in 2013, the United Arab Emirates-based company said on Sunday. Delays getting paid for supplies of natural gas to Egypt and Kurdistan forced the company to restructure its debt late last year, after it failed to pay a $920 million Islamic bond on maturity in October.
The overdue payments collected so far this year are equal to about 12.5 per cent of the $589 million total outstanding receivables still owed to Dana at the end of 2012.
"We are pleased to see that our strategy and efforts for addressing our receivables position in Egypt and the Kurdistan Region of Iraq is yielding results," Rashid Al Jarwan, acting chief executive officer of Dana Gas, said in a statement.
Dana collected around $163 million receivables from Egypt last year. But receivables from gas supplied in Egypt still rose from $228 million at the end of 2011 to around $236 million at the end of 2012, according to Dana's latest results.