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Dana Gas expects a 107 percent rise in revenue in 2021 to $377 million

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Dana Gas expects a 107 percent rise

Dana Gas announced that its collections from the KRI and Egypt increased by 107 % year over year in 2021, to $377 million, or Dh1.38 billion, from $182 million in 2020. Owing to a strong rebound in oil prices, accelerated payments from Egypt, and the settlement of past outstanding KRI receivables.

Dana Gas, which owns a 35% stake in Pearl Petroleum, saw its share of KRI condensate, LPG, and gas sales increase by 80% to $184 million, or Dh674 million, in 2021, compared to $102 million in 2020. This rise is due to the complete payback of past receivables in 2019 and 2020.

Dana Gas made $193 million in Egypt in 2021, up from $80 million in 2020, a 141% increase year over year. The payments from Egypt’s government have lowered Dana Gas’s debt to the North African country to around $20 million, or Dh73 million. The lowest amount since the firm began operations in 2007.

Dana Gas

Dana Gas

Egypt’s total collections in 2021 include a payment of $48 million made by the Egyptian government in December.

“We are quite pleased by the strength of our collections in 2021, which the rise in oil prices has strengthened,” stated Dr. Patrick Allman-Ward, CEO of Dana Gas.

The Company’s balance sheet was any other strengthened by the reduction of receivables in Egypt to the lowest level. Since 2007 also the payment of past outstanding receivables in the KRI. Which allowed us to pay an additional interim dividend of 3.5 fils per share. Which was approved at the General Meeting on December 9.”

“These record collections have also given us the confidence to pursue our investment plans in both the KRI and Egypt. Which are being aided by higher hydrocarbon prices and a better macroeconomic climate. Higher energy prices have a beneficial impact on the Company’s realized product prices and, as a result, its profitability. As a result, we will continue to focus on profitably developing our business. While maximizing shareholder value as we enter 2022.

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Business

According to the top analysts, Gulf Economy to rise in 2022.

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Gulf Economy to rise in 2022.

We will see the inflation ratio go down, and analysts believe Gulf Economy to rise in 2022. 

The progress of Gulf countries in 2022 is going to be faster than anyone can imagine. Yes Many polls worldwide suggest Crude oil prices rise and touch the price of 2014. Gulf Economy to rise in 2022 due to many reasons. The big boost comes from Oil prices. Six Wealth Oil exporting countries in the region will benefit from this rise. 

Gulf Cooperation Council

Gulf Cooperation Council

January Polls for Gulf Growth:

According to January polls, economists forecast six top economies in the Gulf will see a rise and growth. Prediction is made based on many reasons. Saudi Arabia will top the list with a gain of nearly 6%, followed by Kuwait and UAE with 5.4 percent and 4.8 percent, respectively.

Qatar, Oman, and Bahrain 2022:

Economic growth in Qatar, Oman, and Bahrain will see a change of around 4% in 2022. These nations will come in top places who are doing in 2022. 

The demand for Oil Prices in 2022:

Today every economist who responded to an additional question said a drop in oil prices and new coronavirus variants were the most significant threats to GCC economic growth this year. Still, due to Covid new wave, Oil prices may go down. So the risk is still not gone for the GCC region. The supply chain plays a vital role. If there is any disruption in the supply chain, we might see a significant fall from here. But that chances are low, and Upside growth is already seen in 2022. GDP in GCC is already increase compare to 2021. Global demand rise will give a boost to Gulf nations in 2022. 

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Poll predicts that the Gulf economies will grow faster in 2022

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Gulf Cooperation Council

In the UAE, Saudi Arabia, and Oman, inflation was expected to remain the lowest.

According to a Poll predicts Reuters poll of economists, the economies of the six-member Gulf Cooperation Council will grow at their fastest rates in several years, though the risk to that outlook is skewed to the downside.

Crude oil prices, a major driver for Gulf economies, rose to their highest level since 2014 on Wednesday. Owing to escalating global political tensions involving major producers, which could exacerbate already tight supplies.

That is good news Poll predicts for the region’s six wealthy oil-exporting countries. According to a January 11-19 poll of 25 economists. All six Gulf Cooperation Council economies will grow faster this year than was predict three months ago.

Saudi Arabia was predict to top the list with 5.7 percent growth, followed by Kuwait and the UAE with 5.3 percent and 4.8 percent growth, respectively.

Saudi Arabia

Saudi Arabia

Qatar, Oman, and Bahrain are expect to grow at 3-4 percent per year through 2022. It would be the best thing these countries have seen in several years if realized. “Despite relatively tight fiscal policy and some external headwinds, we expect the GCC economies to see faster growth in 2022 as they build on last year’s progress,” Khatija Haque said.

“While the outlook for 2022 remains broadly positive, there is still a high level of uncertainty, particularly regarding the evolution of the coronavirus pandemic.” As the global economy struggles to deal with the prospect of persistent inflation, the region’s price outlook was modest but varied.

Inflation is expect to remain between 2.0% and 2.80% this year, with the UAE, Saudi Arabia. And Oman having the lowest readings at 2.0% and Qatar having the highest at 2.80%. Saudi Arabia, the world’s largest crude oil exporter. And the region’s economic and political powerhouse, will experience 5.7% economic growth this year. It would be the fastest growth since 2012 when oil averaged around $111 per barrel.

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Elon Musk’s reaction to Twitter’s new NFT feature

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Elon Musk

Elon Musk, a crypto enthusiast, sends a three-word tweet in response to Twitter’s new NFT feature.

Elon Musk’s reaction has stated that a new Twitter feature allows premium users to display their non-fungible token (NFT) acquisitions as their profile picture is irritating. Instead, the social media giant should focus its resources on removing crypto fraudsters from the platform.

Elon Musk’s reaction, a billionaire and long-time crypto enthusiast, expressed his displeasure with a new Twitter feature. That allows premium users to display their non-fungible token (NFT) remarked as their profile picture. Elon Musk commented on Twitter’s new feature for Twitter Blue users, saying, “this is annoying,” and attaching a screenshot of the announcement. Musk went on to say that the social media behemoth is not making good use of its resources.

In choice countries such as the US and Canada, Twitter launched a new feature last week that allows some users to display. Their NFT purchases a token representing blockchain purchases in the form of a hexagonal-shaped profile picture rather than the usual circle-shaped picture.

 

“Twitter is wasting engineering resources on this nonsense while crypto scammers throw a spambot block party in every thread!”

Musk wrote in a tweet last week, expanding on his point of view. Musk, a big supporter of cryptocurrencies in general, including the meme-based DogeCoin. Expressed his displeasure with the Web3 world, pointing out that resources should instead be spent avoiding crypto-related spam on social media.

Elon Musk response to Twitter

Elon Musk response to Twitter

To clarify, Tesla Inc and SpaceX CEO Elon Musk previously stated. That he would abide Bitcoin as payment for Tesla vehicles. Still, they later reversed his decision, citing environmental concerns about the crypto asset. However, later in December, he stated that Tesla would allow customers to purchase some merchandise using Dogecoin, another crypto asset.

“Elon is correct on this one. “Twitter’s product team needs to prioritize what’s important for user experience,” Adam Singer. A former Google VP of Marketing, said in a tweet supporting Musk. Others agreed with him, including Michael Saylor, CEO of another publicly-traded company in the United States, MicroStrategy. Who suggested that Twitter could solve the problem of scammers and spambots by allowing users to purchase a premium account.

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