Abu Dhabi – Mubasher: Dana Gas’ board of directors will hold a meeting on 24 May in Sharjah to discuss the settlement of Egypt’s and Iraqi Kurdistan’s dues.

The company will also discuss its operations in Egypt, the UAE, and Iraqi Kurdistan.

Dana Gas received a partial payment from the Egyptian government worth AED 184 million ($500 million), representing 18% of its delayed claims, which had reached AED 1.038 million by the end of the first quarter of 2017.

Dana also received $31 million from Iraqi Kurdistan, which amounts 119% of the total dues asked for in the first quarter of 2017.

The total amount of dues owed by the Egyptian government and Iraqi Kurdistan to Dana Gas reached $1 billion in Q1-17, compared to $982 million by the end of Q1-16.

Dana Gas’ profits surged 81.8% to AED 40 million ($10.9 million) in Q1-17, according to the company’s financial statements.

Operating costs fell 22.9% reaching AED 37 million in Q1-17, compared to AED 48 million in the year-ago-period.