BG Group said on Friday it received a further $350mn payment from the Egyptian government, which owes the British multinational oil and gas company $1.2bn.
Egypt repaid the same amount in October reducing the due payments to $500mn.
In November last year Reuter reported that the oil minister of the energy rich North African country announced plans to repay its entire $4.9bn debt to foreign oil and gas companies by April this year.
The decision was seen by many as a move to boost exploration and ease the country’s worst energy crunch in decades.
The Egyptian government said on Wednesday it had paid $2.1bn of its debt to foreign energy companies.
BG said the payment reduced the company’s domestic receivables balance in Egypt to around $920mn, and it was working with the government to reduce it further.
The British company has been impacted by the reduction of LNG exports from Egypt but said it continues to investigate options for increasing the supply of gas from the country.
Egypt has delayed payments to oil and gas firms since economy took a downturn among political instability and unmet rising domestic demand for power.
