9th Jan 2015 08:01
LONDON (Alliance News) - Circle Oil PLC on Friday said it has received USD15 million as part of a special payment distribution by the Egyptian government to oil companies operating in the country.
Circle said the receipt of the payment results in a significant reduction in the outstanding debt it is owed.
"We are delighted to have received this special payment which, both for Circle and in the larger industry context, should be seen as a very positive step," said Circle Chief Executive Officer Chris Green.
"We thank the Egyptian government and look forward to continuing to further develop Circle's position in Egypt," Green added.
Last Friday, BG Group PLC said it had received a payment of around USD350 million from the Egyptian government to repay outstanding debts to the company.
By Sam Unsted; [email protected]; @SamUAtAlliance
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