Reuters reported that UAE energy firm Dana Gas has not yet received payment for gas delivered in Egypt.

In May, Dana's management reported delayed payments of USD 148 million for gas sales to the Egyptian government and said if these were not met it would impact on its future investments in the country.

An Egyptian official said last week that Egypt had settled all its debts. But Mr Hany Elsharkawi president of Dana Gas Egypt said that the company is still awaiting the settlement of its overdue payments for the gas.

The statement said that 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 levels. The two sides are currently reviewing several options to expedite payment of the current overdue receivables.

Dana Gas has significant investments in Egypt and said it produced 4.25 million barrels of oil equivalent in the country during the Q1 of this year.

(Sourced from Reuters)