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Dana Gas says has not received payment for gas in Egypt
Head of UAE energy firm says it is still awaiting the $148 million which Egypt says has been settled
Reuters Published in Ahram Online on 02 - 08 - 2011

UAE energy firm Dana Gas has not yet received payment for gas delivered in Egypt, it said in a statement on Tuesday.
In May, Dana's management reported delayed payments of US$148 million for gas sales to the Egyptian government and said if these were not met it would impact on its future investments in the country.
An Egyptian official said last week Egypt had settled all its debts.
But Hany Elsharkawi, president of Dana Gas Egypt, said in a statement on Tuesday that the company is still awaiting the settlement of its overdue payments for the gas.
The delay in payments was a result of disagreements over the interpretation of certain production sharing agreement clauses with respect to the means of calculating profit share splits at different production levels, the statement said.
"The two sides are currently reviewing several options to expedite payment of the current overdue receivables," it added.
Dana Gas has significant investments in Egypt and said it produced 4.25 million barrels of oil equivalent (BoE) in the country during the first-quarter of this year.

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