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Thursday, 10 November 2016

Dana Gas will review 2017 Egypt investment plans if not repaid

The UAE’s Dana Gas said it will have to review its 2017 investment plans for Egypt if the country does not repay dues by the end of the year, CEO Patrick Allman-Ward told Reuters. Egypt owes Dana Gas USD 242 mn as of 30 September. Part of the USD 12 bn IMF bailout package is meant to be distributed to the petroleum sector to meet outstanding debt, Allman-Ward said. “If it doesn’t happen, in keeping with our long-standing policy of balancing collections for investment, we would be forced to review how that balance can be maintained,” he said.

Meanwhile, Oil Minister Tarek El Molla met with officials from BP, Shell, and Eni to discuss current projects in the Mediterranean, Al Borsa reported.

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