Dana Gas, one of the leading regional private sector natural gas companies in the Middle East, has announced that its 9M 2021 collections from the Kurdistan Region of Iraq (KRI) and Egypt have increased 102% year-on-year to US$256mn in the same period the previous year
Dana Gas, which owns a 35% interest in Pearl Petroleum, saw its share of collections from sales of condensate and LPG and gas in the KRI jump 77% to US$131mn in the first nine months of 2021 as compared to US$74mn in the same period the previous year. In Egypt, Dana Gas collected US$125mn during the first nine months of 2021, compared to US$53mn received in the same period of 2020, representing a 136% increase.
Dr Patrick Allman-Ward, CEO of Dana Gas, said that the company focuses on improving its collections this year, which have been supported by a strong rebound in commodity prices.
"Continuing timely payment of invoices and the settlement of outstanding receivables is key to providing us with the confidence to carry on with our expansion plans in the KRI and Egypt.”
The KM 250 project is the first stage of a two-train expansion project at Pearl Petroleum’s Khor Mor plant that aims to boost total production capacity to approach 1 billion scf/day. Pearl Petroleum recently signed a $250 million financing agreement with the U.S. International Development Finance Corporation to support the Khor Mor gas expansion project, which is on track for completion in April 2023.