United Arab Emirates’ Dana Gas is negotiating details of a sale of its Egyptian assets with Texas-headquartered IPR Energy, three sources familiar with the matter said, ahead of a repayment of some $300 million in debt in October.
The energy producer – whose main assets are in Egypt and in the Kurdistan Region of Iraq – was hoping to raise over $500 million from the sale, but it will likely yield significantly less, the three sources said.
Dana declined to comment while IPR Energy did not immediately respond to a request for comment.
Dana has said it would use the sale proceeds to pay $309 million in outstanding Islamic bonds, or sukuk, due at the end of October.
Source: Reuters
