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Dana Gas in talks with US firm to sell Egyptian assets

Dana Gas in talks with US firm to sell Egyptian assets
The company would use the sale proceeds to pay $309m in Sukuk
Dana Gas
DANA
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Abu Dhabi – Mubasher: The UAE's Dana Gas is holding negotiations with Texas-headquartered IPR Energy to sell its Egyptian assets, three sources told Reuters.

These talks came ahead of the Emirati energy producer's repayment of some $300 million in debt in October.

Dana Gas has sought to raise more than $500 million from the sale of its main assets in Egypt and the Kurdistan Region of Iraq; however, the sale is expected to generate significantly less, the sources referred.

The Emirati company has announced that it would use the sale proceeds to pay $309 million in outstanding Sukuk, due at the end of October.

It is noteworthy to mention that in the first half (H1) of 2020, the company saw net losses of AED 69 million in the January-June period of 2020, compared to net profits of AED 513 million ($140 million) in the same period of 2019.