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English news

10-Nov-2016

UAE's Dana Gas to review Egypt investment if not repaid dues

Dana Gas DANA will review its 2017 investment plans for Egypt by year-end if it not repaid the full amount of dues, the company’s CEO Patrick Allman-Ward said. As of 30 September, the amount owed by Egypt was USD242mn, up from USD221mn at 2015-end. Part of the International Monetary Fund (IMF) loan will be distributed to the petroleum sector to meet outstanding debts, Allman-Ward told reporters, citing conversations the firm had held with Egyptian officials. "If it doesn't happen (the payment), in keeping with our long-standing policy of balancing collections for investment, we would be forced to review how that balance can be maintained," he said. (Reuters)

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