Dana Gas has collected a total of $73.7 million in receivables from its operations in Egypt and the Kurdistan region of Iraq so far in 2013, the United Arab Emirates-based company said on Sunday.
Of the total, $41.3 million came from Egyptian operations and $32.4 million from Kurdistan.
“We are pleased to see that our strategy and efforts for addressing our receivables position in Egypt and the Kurdistan Region of Iraq is yielding results,” Rashid Al Jarwan, acting chief executive officer of Dana Gas, said in a statement.
Delays getting paid for supplies of natural gas to Egypt and Kurdistan forced the company to restructure its debt late last year, after it failed to pay a $920 million Islamic bond on maturity in October.
The Abu Dhabi-listed enegry firm said on Sunday that it was on track to complete the refinancing of the sukuk in the second quarter of 2013. It postponed a shareholder vote on restructuring the sukuk to April 23, after a meeting on March 24 failed to meet the required quorum.
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