Reuters reported that Dana Gas has received USD 48 million in overdue payments for fuel supplied in Kurdistan.
Delays in getting paid for operations in both Kurdistan and Egypt have contributed to Dana's financial problems which culminated in it becoming the first UAE Company to miss a bond redemption when its sukuk matured on October 31st 2012.
Dana is due to announce details of an agreement with its creditors to restructure its USD 920 million Islamic bond soon. It had received payment for some of the liquid fuels it has produced in Kurdistan on Monday after Iraq's Federal Government paid the Kurdistan Regional Government.
Mr Rashid Al Jarwan acting CEO of the energy company said that "We are pleased to receive this payment, and are working with the Kurdistan Regional Government to further address the outstanding receivables."
Dana Gas said in its 2011 results that trade receivables at the end of the year stood at AED 1.74 billion of which about 48% was owed by Egypt and 52% by Kurdistan. On this basis, Monday's payment would cut the receivables due from Kurdistan to under USD 200 million.
In Egypt the government has been settling the company's receivables for current production and working pro actively with the company to address the USD 200 million of receivables from 2011.
Egypt has been wracked by political and economic turmoil since a popular uprising unseated President Mr Hosni Mubarak in early 2011 and the government has fallen behind in its payments to several fuel suppliers.
