Following the commitment from the Egyptian government to repay outstanding debts to the energy industry, BG Group plc, has received a further payment equivalent to $350 million.
BG has said that the payment reduces the company’s domestic receivables balance in Egypt to around US$920 million.
“While the Group has been impacted by the reduction of LNG exports from Egypt, the company continues to investigate options for increasing the supply of gas and is working with the government on resolving the outstanding receivable balance,” BG has said.