Egyptian government pays $350 million to BG Group
Following the commitment from the Egyptian government to repay outstanding debts to the energy industry, BG Group plc (LSE: BG.L), a world leader in exploration and LNG, has received a $350 million payment. This reduces the company’s domestic receivables balance in Egypt to around $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 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.