Following the commitment from the Egyptian government to repay outstanding debts to the energy industry, BG Group plc has received a US$ 350 million payment.
This reduces the company’s domestic receivables balance in Egypt to approximately US$ 1.2 billion.
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 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.
Adapted from press release by Katie Woodward