(MENAFN) Dana Gas said that the collapse in oil prices could delay the process of the company recovering its overdue receivables from Egypt, Gulf Business reported.
Egypt is currently behind on payments to oil and gas firms because its economy has been hit by political instability since in 2011.
Dana Gas, which last September said it had signed a deal with Egypt that would help it recover most of the money the country owed it, said that the deal would provide Dana with additional condensate production that it could sell on the international market to raise money.
"We still hoped to recover all overdue receivables, which now totaled around $165 million, by mid-2018. Clearly our calculations were based at $85, which we thought at the time was a very conservative assumption - clearly we are not there at the moment. How far and how long the current decline will last we don't know," Dana Gas Chief executive said.
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