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    Dana Gas' KRI, Egypt collections double during Jan-Sep

Summary

The collections were boosted by higher product prices.

by: Shardul Sharma

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Dana Gas' KRI, Egypt collections double during Jan-Sep

UAE's Dana Gas on October 6 said its collections from the Kurdistan Region of Iraq (KRI) and Egypt have increased 102% year/year during the first nine months (9M) of the year owing to higher product prices.

The company’s collections were $256mn compared with $127mn in the same period of the previous year. Dana Gas, which owns a 35% interest in Pearl Petroleum, saw its share of collections from sales of condensate, LPG and gas in the KRI jump 77% to $131mn in 9M.

In Egypt, Dana Gas collected $125mn, compared with $53mn received in the same period of 2020, representing a 136% yr/yr increase.

Pearl Petroleum last month signed a $250mn financing agreement with the US International Development Finance Corp for the KM 250 project in KRI. KM-250 is the first stage of a two-train expansion project at Khor Mor that aims to boost total production capacity to 1bn ft3/day. Work resumed in April 2021 after onsite construction was halted last year due to the COVID-19 pandemic and is currently on track for completion by April 2023.