(MENAFN) UAE's Dana Gas' CEO, Rashid Al-Jarwan, announced that the company has received an overdue payment of USD48 million for fuel supplied in Iraq's Kurdistan region, reported Arabian Business.
Al-Jarwan said that the firm is in talks with the government of Kurdistan to tackle the issue of receivables, adding that the payment would reduce the receivables due from Kurdistan to less than USD200 million.
He noted that the company took the payment as the Iraqi Federal Government paid the Kurdistan Regional Government for its oil.
In Dana Gas' 2011 results, the firm said that trade receivables at the end of the year stood at USD474 million, of which 52 percent was owed by Kurdistan and almost 48 percent by Egypt.
The company became the first UAE firm to miss a bond redemption when its sukuk matured on October 31. Dana Gas is expected to announce details of a deal with its creditors to restructure its USD920 million Islamic bond soon.
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