Dana Gas, IPR Negotiate Egypt Assets Sale

Dana Gas, IPR Negotiate Egypt Assets Sale

Dana Gas is currently in negotiations with IPR Energy about the sale of its Egyptian assets ahead of a repayment of about $300 million in debt in October, three unnamed sources told Reuters.

The sources stated that Dana Gas was aiming to yield over $500 million in the deal, however, the deal will most likely be done at a lesser amount.

Dana has previously announced that the proceeds of the sale would be used to pay $397 million in outstanding sukuk, which are due at the end of October. In a previous statement, the company clarified that the outbreak of the coronavirus (COVID-19) caused the delay in selling its assets in Egypt, noting that the initial sale process was supposed to be completed in March.

 

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