Following the commitment from the Egyptian government to repay outstanding debts to the energy industry, BG Group plc, a world leader in exploration and LNG, has received a further payment equivalent to US$350 million. This reduces the company's domestic receivables balance in Egypt to around US$920 million.
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.
Adapted from press release
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/02012015/egyptian-government-pays-million-bg-group-16/