Egypt: Government pays $350m to BG Group

The government has made a $350m payment to BG Group, reducing its outstanding debt to around $1.2bn. Egypt’s total arrears to foreign companies reached some $6.3bn in 2013, and the government has started paying off part of its debt to encourage companies to stay and continue investing in the upstream exploration and production sector. BG was obliged to declare force majeure on its liquefied natural gas agreements in January because of the quantity of gas diverted to the domestic market.