Happy Eid to Egypt: Egypt repays $350 million in debt to British gas

Published October 6th, 2014 - 01:50 GMT
Egypt's debts to foreign energy firms operating in the country increased after the political turmoil which followed the 2011 revolution.
Egypt's debts to foreign energy firms operating in the country increased after the political turmoil which followed the 2011 revolution.

Egypt's government has paid $350 million to British Gas, the energy company announced on Monday, bringing the amount Egypt owes to the company down to $1.2 billion.

Egypt's debts to foreign energy firms operating in the country increased after the political turmoil which followed the 2011 revolution.

Last week, the petroleum minister announced that the government had paid $1.5 billion of its arrears to energy companies.

The payment, announced a day after the government signed LE10 billion ($1.4 billion) worth of loans with a consortium of banks led by the National Bank of Egypt, brings the total debt owed to the firms down to LE34.3 billion ($4.9 billion dollars).

BG Egypt is the most productive subsidiary of the British energy group, contributing to almost fifth of its total production.


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