Dana Gas, a leading energy contractor in Egypt, has reported delays in
government payments to the United Arab Emirates company. Dana chief
executive officer Ahmed Al Arbeed said his company was owed $148 million
since early 2011.
"We have a four to five months delayed payments from the Egyptian
government which is an amount of $148 million," Al Arbeed said. "If the
payment is not made, this might make us think twice before reinvesting in
Egypt."
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Dana has reported production of 4.25 million barrels of oil equivalent
in Egypt during the first quarter of 2011.
On May 12, Al Arbeed said his
company was negotiating with Egypt to resolve the debt and hoped "the issue
will be resolved soon."
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