Dana Gas PJSC, a producer of natural gas in Egypt, Iraq and the United Arab Emirates, may seek to roll over part of the $700m Islamic bonds maturing next year. The company’s CEO, Patrick Allman-Ward, said that the firm has $344m in cash, and is in discussions with lenders about its future debt mix, reported Bloomberg.
Allman-Ward said: “clearly part of that is going to involve buying back a lot of the sukuk and part of that is going to have to be a discussion around rolling over the remaining amount in future,” informed Gulf News.
Dana Gas has joined oil and gas producers globally in cutting costs after crude prices fell to about half their 2014 levels amid a production glut. The company pumps fuel from its home base of Sharjah in the U.A.E. as well as in Egypt and Iraq’s semi-autonomous Kurdish region. It sells condensate, a light oil liquid from its Egyptian deposits on the global market as well as gas and other fuels domestically in Iraq and Egypt.