BG receives USD 350 mln payment from Egypt

LNG player BG Group said it has received a $350 million payment from the Egyptian government. 

This reduces the company’s domestic receivables balance in Egypt to around $1.2 billion, BG said in a statement.

The payment is the result of the government of Egypt raising funds specifically to help repay debts to the oil and gas sector.

“While BG 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,” the company added.

BG and partners are supplying trains 1 and 2 of the Egyptian LNG plant at Idku with gas from the Simian, Sienna, Sapphire and Sequoia fields in WDDM.

Together, these trains have a productive capacity of 7.2 million tonnes per annum of LNG.

LNG World News Staff, October 6, 2014; Image: Egyptian LNG