Dana Gas - 'We went in with our eyes open'

Dana Gas has struggled to get paid for its work. Yet its chief executive still thinks gas in the Middle East will thrive

"Events, dear boy, events," was British prime minister Harold MacMillan's response when asked what he feared most. Those words may resonate strongly with Patrick Allman-Ward, chief executive of Dana Gas. His company has experienced up close how the unpredictable turn of events in the Middle East can upset the best laid plans. The Abu Dhabi-listed private-sector gas company has been hit hard by receivables problems in its two largest areas of operation, the Kurdistan Region of Iraq (KRI) and Egypt. In the latter, a poor rate of collections weighs on any decision to invest further in the country. Collections were $79m in Egypt in 2016, the company's financials show, just under two-thirds of it