Arabian Business: UAE's Dana Gas says oil price collapse could delay Egypt payments

The collapse in oil prices could delay the efforts of United Arab Emirates-based Dana Gas to recover overdue receivables from Egypt, its chief executive said on Wednesday.

Egypt is behind on payments to oil and gas firms because its economy has been hit by political instability since a popular uprising ousted president Hosni Mubarak in 2011.

Last September, Dana said it had signed a deal with Egypt that would help it recover most of the money it was owed. The deal would provide Dana with additional condensate production that it could sell on the international market to raise money.

Chief executive Patrick Allman-Ward told reporters in Dubai on Wednesday that he still hoped to recover all overdue receivables, which now totalled around $165 million, by mid-2018.
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