Dana Gas will not make new investments in Egypt because of delays in obtaining payments owed to it in the country, according to the CEO of the company Patrick Allman-Ward. Political and economic turbulence in Egypt and Iraqi Kurdistan has weighed on Dana’s revenues as it has struggled to secure revenues in either country, once again hitting its profit on Thursday. Dana posted a USD7mn net profit in 4Q16, down from USD134mn in 4Q15 when it benefited from a one-off legal settlement. The payment owed by Egypt was USD265mn as of end-2016, up from USD221mn in 2015, Dana said. Unpaid receivables from the Kurdistan Regional Government were USD713mn, down slightly from USD727mn in 2015. Allman-Ward said that as uncertainty remains, the company must be rigorous in balancing any additional capital investment in Egypt with actual collections. (Reuters)