Abu Dhabi – Mubasher: The UAE-based Dana Gas expected to sell around 4 shipments of condensates to Egypt this year at a total cost of AED 147 million ($40 million).

In February, the Abu Dhabi-listed energy producer had already delivered a condensate cargo to the North African nation, forecasting to deliver the other three shipments ahead of 2018-end, Al Bayan newspaper reported, citing head of investor relations at Dana Mohammed Mubaideen as saying.

On Sunday,  the UAE energy firm said that it had received AED 38.2 million ($10.4 million) in February 2018 from selling 157,200 barrels of El Wastani condensate at an average price of $66.5 per barrel.

Dana's recent sale deal has been the fourth cargo from its Egyptian operations since the beginning of 2017, in which the Middle East’s largest gas firm sold three shipments for a total of AED 77 million ($21 million).

The condensate shipments are part of the Gas Production Enhancement Agreement signed with Egypt's government to expedite paying off the overdue receivables, Dana added.

Over the course of the last year, Dana received a total of $164 million from Egypt, bringing the nation's outstanding debts to the firm down to $228 million from $265 million in 2016.  

Dana Gas revenues rose to AED 1.649 million during the full-year 2017, up from AED 1.437 million a year earlier.