6th Oct 2014 06:13
LONDON (Alliance News) - Oil company BG Group PLC Monday said it has received a USD350 million payment from the Egyptian government, meaning its domestic receivables balance in the country has fallen to about USD1.2 billion.
The Egyptian government has raised funds to help repay debts that it owes to the oil and gas sector in the wake of the disruption and turmoil caused by the so-called Arab Spring, when Egypt's previous rulers were thrown out.
"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 Group said in a statement.
By Steve McGrath; [email protected]; @stevemcgrath1
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