Dana Gasoline, one of many main regional personal sector pure gasoline corporations within the Center East, has introduced that its 9M 2021 collections from the Kurdistan Area of Iraq (KRI) and Egypt have elevated 102% year-on-year to US$256mn in the identical interval the earlier yr
Dana Gasoline, which owns a 35% curiosity in Pearl Petroleum, noticed its share of collections from gross sales of condensate and LPG and gasoline within the KRI bounce 77% to US$131mn within the first 9 months of 2021 as in comparison with US$74mn in the identical interval the earlier yr. In Egypt, Dana Gasoline collected US$125mn throughout the first 9 months of 2021, in comparison with US$53mn obtained in the identical interval of 2020, representing a 136% enhance.
Dr Patrick Allman-Ward, CEO of Dana Gasoline, mentioned that the corporate focuses on enhancing its collections this yr, which have been supported by a powerful rebound in commodity costs.
“Persevering with well timed fee of invoices and the settlement of excellent receivables is vital to offering us with the boldness to hold on with our enlargement plans within the KRI and Egypt.”
The KM 250 undertaking is the primary stage of a two-train enlargement undertaking at Pearl Petroleum’s Khor Mor plant that goals to spice up complete manufacturing capability to strategy 1 billion scf/day. Pearl Petroleum not too long ago signed a $250 million financing settlement with the U.S. Worldwide Growth Finance Company to assist the Khor Mor gasoline enlargement undertaking, which is on monitor for completion in April 2023.