UAE energy firm Dana Gas overdue receivables from Egypt for the gas delivered there has risen to around USD 200 million from USD 180 million previously and added that it was optimistic payments were coming.

Mr Ahmed Arbeed CEO of Dana Gas said that “The payments were delayed in the previous months but now we are optimistic they are coming. They were USD 185 million but in the previous month they reached around USD 200 million."

The delay in payments was a result of disagreements over the interpretation of certain production sharing agreement clauses with respect to the means of calculating profit share splits at different production level, the company had earlier said in a statement.

Dana Gas has significant investments in Egypt. A 20% rise in its Egypt and Iraqi operations coupled with higher oil prices has boosted the company's revenues in the second quarter.

Meanwhile Mr Arbeed said that we are continuing our operations in Egypt no exit but he declined to give a timeline on when the payments would be made.

(Sourced from Reuters)