UAE-based Dana Gas saw its receivables edge up from $950mn at the end of 2015 to $982mn last year. Although its KRG receivables edged lower in 2016, the amount it is owed in Egypt rose from $221mn at end-2015 to $265mn at the end of last year, including a $23mn rise during the fourth quarter alone – a period during which other companies including BP (see p4) reported a sharp fall (see chart).

As such, having already frozen further investment in the KRG due to its huge receivables with...