The UAE company, Dana Gas, affirmed the continuation of its operations in Egypt and the Kurdistan region of Iraq at full capacity and that production rates were not affected by the spread of the Corona virus.
According to the Emirates News Agency, the company said in a statement that natural gas constitutes 75% of its production and is sold under long-term contracts with host governments, noting that these contracts contribute to 50% of its annual income and thus are not affected by fluctuations in oil prices.
The company stressed that it has a strong financial position, where its cash balance reached 425 million dollars at the end of 2019, and it does not require it to provide direct capital financing for its growth plans in the Kurdistan region of Iraq, where the current production rate is 400 million cubic feet of gas per day.
It is noteworthy that the company's board of directors recommended distributing cash dividends to shareholders of 5.5 fils for the fiscal year 2019 and this recommendation will be discussed during the general assembly meeting scheduled for April 14.
