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Dana Gas receives Kurdistan payment
- United Arab Emirates: Tuesday, December 04 - 2012 at 15:09
The Abu Dhabi market ADX resumed trading Tuesday following two days of closure observing the 41st UAE National Day. It lead index ADXGI added 0.10%, finishing at 2,676.97. Dana Gas ended even at Dhs0.40. Dana Gas said it yesterday received its share of the recent payment made by Iraq's Federal Government to the Kurdistan Regional Government. The company's joint venture in the Kurdistan Region received $120m, of which the Dana Gas share of 40% is $48m. Due to payment delays in Kurdistan and in Egyp, Dana Gas missed a deadline on Oct. 31 in settling a $920m maturing (Islamic) bond. It was the first time that a UAE company failed to settle a bond on time. However, Dana entered talks to restructure the sukuk. On Egypt, Sharjah-based Dana said "the government has been settling the company's receivables for current production and working pro-actively with the company to address the $200m of receivables from 2011."
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Gérard Al-Fil, Financial JournalistTuesday, December 04 - 2012 at 15:09 UAE local time (GMT+4)
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