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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    "Kurdistan discounts" reduce the profits of Dana Gas, which sells condensates to non-governmental pa

    Rocky
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    "Kurdistan discounts" reduce the profits of Dana Gas, which sells condensates to non-governmental pa Empty "Kurdistan discounts" reduce the profits of Dana Gas, which sells condensates to non-governmental pa

    Post by Rocky Wed 08 Nov 2023, 6:59 am

    "Kurdistan discounts" reduce the profits of Dana Gas, which sells condensates to non-governmental parties
    [You must be registered and logged in to see this link.] |Today
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    Baghdad today - follow-up 
    The profits of the UAE company "Dana Gas" declined today, Wednesday (November 8, 2023), by about 22 percent in the first nine months of this year, affected by the decline in global oil and gas prices.
    The company, listed on the Abu Dhabi Securities Market, said in a disclosure on Wednesday that its net profits from January to September amounted to 462 million dirhams ($126 million), down from 589 million dirhams ($161 million) in the same period last year.
    In addition to the impact of lower energy prices, the company's profits were also affected by additional discounts on the sale of condensate in the Kurdistan region of Iraq, as Dana Gas continued to sell condensate to non-governmental parties within a competitive market as a result of the closure of the export line earlier this year, according to a statement. Company.
    The company's revenues in the first nine months of the year decreased by 21 percent, reaching about 1.2 billion dirhams ($326 million), compared to 1.5 billion dirhams ($415 million) a year ago.
    Regarding the third quarter alone, net profits decreased by about 13 percent to 158 million dirhams ($43 million) compared to 182 million dirhams ($50 million), while revenues fell by 21 percent to 381 million dirhams ($104 million).
    The company said that due to the delay in collecting receivables from the Kurdistan region of Iraq and Egypt, the high amount of unpaid receivables amounting to $153 million, and the capital spending requirements for the “Khor Mor 250” project in Iraqi Kurdistan, the company will not distribute interim dividends for the first half of 2023, and will be considered. In distributing annual dividends in March 2024 based on the circumstances prevailing at the time.
    Dana Gas received payments from the Kurdistan region worth 465 million dirhams (127 million dirhams) in the first nine months of the year, and the company also received 147 million dirhams (40 million dollars) from Egypt in the same period.
    The value of the company's receivables not received from the Kurdistan Regional Government amounted to 389 million dirhams ($106 million), while the value of the receivables not received from Egypt amounted to 172 million dirhams ($47 million).
    Dana Gas Group's total production declined by 1 percent in the first nine months of the year, reaching 59,750 barrels of oil equivalent per day, compared to 60,600 barrels of oil equivalent per day a year ago. This decline is due to a 14 percent decrease in production in Egypt due to the natural decline in field production. .
     
    Source: Sky News
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