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Egypt debt to UAE oil company drops to $228m

February 12, 2018 at 12:36 pm

Dana Gas [Facebook]

Egypt has paid $164 million to the UAE-based Dana Gas reducing its debt to the company to $228 million, a statement on the organisation’s website said yesterday.

The funds were paid by Cairo last year, the company added.

Egypt has faced difficulties in paying foreign companies’ debts since the January revolution of 2011 because of the shortage of foreign exchange.

Dana Gas, a natural gas company based in the Middle East, was established in 2005 and currently has assets in the fields of gas exploration and production in the UAE, Egypt and the Kurdish region of northern Iraq with a production rate of 666,500 barrels of oil per day.

The company announced that its net profit for 2017 reached $83 million compared to net loss of $88 million in 2016.

Read: Half of UAE’s residents in debt