Dana Gas, one of the largest private-sector natural gas companies in the region, said its payments from operations in Egypt and the Kurdistan Region of Iraq increased by more than 100 per cent in the first nine months of the year.
Collections jumped to $256 million for nine months to the end of September from $127 million reported for the same period in 2020, boosted by a rise in oil prices, the company said on Wednesday in a statement to Abu Dhabi Securities Exchange, where its shares are traded.
Brent, the benchmark under which more than half of the world’s oil trades, has rallied in the past week and was trading at $82.56 at 11.41am UAE time. West Texas Intermediate, the gauge that tracks US crude, gained 0.41 per cent and was trading at $79.25. Both benchmarks have gained about 60 per cent since the start of the year.
The rise in collections this year was “supported by a strong rebound in commodity prices”, Patrick Allman-Ward, chief executive of Dana Gas, said.
“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.”
Oil prices have rebounded as demand for crude surged on the back of a strong recovery of the global economy, which slumped into its deepest recession since the 1930s amid the pandemic. The world economy is expected to grow by 6 per cent this year, according to the International Monetary Fund, which is scheduled to update its forecast next week.
Despite the spread of the Delta coronavirus strain, oil demand in 2021 is expected to grow by 6 million barrels per day, with global consumption hitting 96.7 million barrels per day, according to Opec data released in September.
The oil producers’ group expects demand for 2022 to exceed pre-pandemic levels, reaching 100.8 million bpd.
Dana Gas, which owns a 35 per cent interest in Pearl Petroleum, had its share of collections from sales of condensate, LPG and gas in the KRI jump 77 per cent to $131m in the nine-month period, up from $74m a year earlier.
In Egypt, the company collected $125m during the first nine months of this year, a sharp rise from $53m received for the same period in 2020, it said.
An international arbitration tribunal awarded Dana Gas $607.5m in compensation for damages in a case against the Iranian state-owned energy producer, the company said in September.
The dispute concerns a 25-year gas sales and purchase contract between Dana Gas affiliate Crescent Petroleum and National Iranian Oil Company.
The company swung to second-quarter net profit on operational efficiencies and a rebound in crude prices, and posted net income of $113m for three months to the end of June after reporting a $36m loss in the same period last year.
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Juliot Vinolia’s checklist for adopting alternate-day fasting
- Don’t do it more than once in three days
- Don’t go under 700 calories on fasting days
- Ensure there is sufficient water intake, as the body can go in dehydration mode
- Ensure there is enough roughage (fibre) in the food on fasting days as well
- Do not binge on processed or fatty foods on non-fasting days
- Complement fasting with plant-based foods, fruits, vegetables, seafood. Cut out processed meats and processed carbohydrates
- Manage your sleep
- People with existing gastric or mental health issues should avoid fasting
- Do not fast for prolonged periods without supervision by a qualified expert
Four tips to secure IoT networks
Mohammed Abukhater, vice president at FireEye in the Middle East, said:
- Keep device software up-to-date. Most come with basic operating system, so users should ensure that they always have the latest version
- Besides a strong password, use two-step authentication. There should be a second log-in step like adding a code sent to your mobile number
- Usually smart devices come with many unnecessary features. Users should lock those features that are not required or used frequently
- Always create a different guest network for visitors
The Bio
Amal likes watching Japanese animation movies and Manga - her favourite is The Ancient Magus Bride
She is the eldest of 11 children, and has four brothers and six sisters.
Her dream is to meet with all of her friends online from around the world who supported her work throughout the years
Her favourite meal is pizza and stuffed vine leaves
She ams to improve her English and learn Japanese, which many animated programmes originate in
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Why does a queen bee feast only on royal jelly?
Some facts about bees:
The queen bee eats only royal jelly, an extraordinary food created by worker bees so she lives much longer
The life cycle of a worker bee is from 40-60 days
A queen bee lives for 3-5 years
This allows her to lay millions of eggs and allows the continuity of the bee colony
About 20,000 honey bees and one queen populate each hive
Honey is packed with vital vitamins, minerals, enzymes, water and anti-oxidants.
Apart from honey, five other products are royal jelly, the special food bees feed their queen
Pollen is their protein source, a super food that is nutritious, rich in amino acids
Beewax is used to construct the combs. Due to its anti-fungal, anti-bacterial elements, it is used in skin treatments
Propolis, a resin-like material produced by bees is used to make hives. It has natural antibiotic qualities so works to sterilize hive, protects from disease, keeps their home free from germs. Also used to treat sores, infection, warts
Bee venom is used by bees to protect themselves. Has anti-inflammatory properties, sometimes used to relieve conditions such as rheumatoid arthritis, nerve and muscle pain
Honey, royal jelly, pollen have health enhancing qualities
The other three products are used for therapeutic purposes
Is beekeeping dangerous?
As long as you deal with bees gently, you will be safe, says Mohammed Al Najeh, who has worked with bees since he was a boy.
“The biggest mistake people make is they panic when they see a bee. They are small but smart creatures. If you move your hand quickly to hit the bees, this is an aggressive action and bees will defend themselves. They can sense the adrenalin in our body. But if we are calm, they are move away.”
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Zayed Sustainability Prize
Gulf Men's League final
Dubai Hurricanes 24-12 Abu Dhabi Harlequins
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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