BG Group receives $350m payment from Egyptian government
The Egyptian government has made a payment of the equivalent of $350m to BG Group as part of an agreement to repay debts.
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The FTSE 100 company said it was working with Cairo to recover the $920m still owed as well as looking to increase its activity in the country.
"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 said in a statement.
In an effort to allay a drastic energy crunch and renew exploration activity in the country, the Egyptian government plans to repay all of its $4.9bn debt to foreign oil and gas companies within six months, the oil ministry said in November.