Egypt Pays BG Group $350 mn as Part of Gas Debt

BG Group on Monday said it has received a $350 million payment from Egyptian government as latter’s commitment to repay outstanding debts to the energy industry.

“This reduces the company’s domestic receivables balance in Egypt to around $1.2 billion,” the company said.

Egyptian government has raised funds specifically to help repay debts to the oil and gas sector.

“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 further stated.