Dana Gas, the UAE-based gas operator, received $10.4 million last month from the sale of Egyptian natural gas condensate as part of a plan to recover outstanding receivables. The payment comes against the backdrop of the company's ongoing dispute with creditors over $700m worth of sukuk.
The Sharjah company sold 157,200 barrels of El Wastani condensate in February at an average price of $66.5 per barrel, it said in a statement on the Abu Dhabi Securities Exchange, where its shares are listed.
The sale marks the fourth cargo of Egyptian condensate since the start of 2017; three shipments were sold last year for a total of $21m, the company said.
The shipments are part of the Gas Production Enhancement Agreement signed in September 2014 with the Egyptian government, a mechanism to restart income generation in Egypt and help pay down overdue receivables.
The agreement commits Dana Gas to a seven-year work programme under which it keeps the proceeds from incremental liquid sales to pay down money owed it by the Egyptian government.
Dana Gas is in the midst of a legal dispute in the UK and the UAE with its creditors over $700m worth of sukuk, which matured in October. The company stunned creditors, which include investment bank Goldman Sachs and the world's largest asset manager BlackRock, when it declared the sukuk illegal because of changes in Sharia law, arguing that it is was therefore not obliged to repay the debt.
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Dana Gas repeats challenge to English court sukuk ruling
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Last August, Iraq’s Kurdistan Regional Government signed an agreement to pay $1 billion to Dana Gas, its parent Crescent Petroleum and partners as part of a settlement of a long-running dispute over payments for gas liquids production in the region.
Under the settlement between the parties, the KRG agreed to immediately pay $600m to the Pearl Consortium, in which Dana and Crescent own 70 per cent, with Austria’s OMV, Hungary’s MOL and Germany’s RWE, each owning 10 per cent. The KRG also agreed to pay another $400m to go exclusively towards Pearl’s further development to increase production at its fields.
The $1.24bn balance of the amount awarded by the court was reclassified as outstanding costs, recoverable from future revenues generated.
The settlement with Kurdistan helped Dana Gas swing to profit last year, further helped by higher output in Egypt and Iraq and an uptick in oil prices, the company said in February.
It posted a net profit of $83m compared with a loss of $88m a year earlier. Reported gross revenues grew 15 per cent to $450m compared with $392m in 2016.
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
The past Palme d'Or winners
2018 Shoplifters, Hirokazu Kore-eda
2017 The Square, Ruben Ostlund
2016 I, Daniel Blake, Ken Loach
2015 Dheepan, Jacques Audiard
2014 Winter Sleep (Kış Uykusu), Nuri Bilge Ceylan
2013 Blue is the Warmest Colour (La Vie d'Adèle: Chapitres 1 et 2), Abdellatif Kechiche, Adele Exarchopoulos and Lea Seydoux
2012 Amour, Michael Haneke
2011 The Tree of Life, Terrence Malick
2010 Uncle Boonmee Who Can Recall His Past Lives (Lung Bunmi Raluek Chat), Apichatpong Weerasethakul
2009 The White Ribbon (Eine deutsche Kindergeschichte), Michael Haneke
2008 The Class (Entre les murs), Laurent Cantet
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Various artists, Sony Music Turkey
The Bio
Name: Lynn Davison
Profession: History teacher at Al Yasmina Academy, Abu Dhabi
Children: She has one son, Casey, 28
Hometown: Pontefract, West Yorkshire in the UK
Favourite book: The Alchemist by Paulo Coelho
Favourite Author: CJ Sansom
Favourite holiday destination: Bali
Favourite food: A Sunday roast
Directed by Sam Mendes
Starring Dean-Charles Chapman, George MacKay, Daniel Mays
4.5/5
Nancy 9 (Hassa Beek)
Nancy Ajram
(In2Musica)
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
