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Monday, May 16, 2011     GET REAL

Egypt late on oil project payments to UAE firm

ABU DHABI — Egypt's new military regime has withheld payments for energy projects.


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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