BG Receives $350 million Egyptian Debt Repayment

BG Group has received another $350m instalment from Egypt as part of its debt repayments to the energy industry.

The UK-listed natural gas provider said the new payment had reduced its domestic receivables balance in Egypt to around $920m. It follows a $350 payment in October.

It said on Friday:

While the Group has been impacted by the reduction of LNG [liquid natural gas] 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’s wholly-owned subsidiary BG Egypt is one of the largest producers of natural gas in the country. In 2013, Egypt contributed 18 per cent of group production. The payments have followed the Egyptian government raising funds specifically to help repay debts to the oil and gas sector.

Source: The Financial Times