Arabian Oil & Gas Staff , December 4th, 2012
Dana Gas announced that it has received its share of the recent payment made by Iraq’s Federal Government to the Kurdistan Regional Government.
The company’s joint venture received US $120 million, of which Dana Gas will receive its share of 40%, or US $48 million.
“We are pleased to receive this payment, and are working with the Kurdistan Regional Government to further address the outstanding receivables,” said Rashid Al-Jarwan, Executive Director and Acting CEO of Dana Gas.
Dana Gas is also working to address outstanding receivables from its operations in Egypt, where the government has been settling the company’s the receivables for current production and is working with the company to address the US $200 million of receivables from 2011.