The Egyptian government paid BG Group a $350 million debt installment Friday as part of a plan to reduce the country’s outstanding debts with energy companies.
The payment reduces BG Group’s domestic receivables balance in Egypt to about $920 million.
A schedule for future payments has not been disclosed.
Egypt paid its first $350 million installment UK-based BG Group in October.
BG Group is working with the government to resolve the remaining outstanding receivable balance.
Egypt has been dealing with its worst energy crisis in decades as gas production in the country falls and demand spikes.
Energy companies have been hesitant to boost their investments in Egypt since the government fell behind on its payments.
BG Group said although it has been impacted by the reduction of LNG exports from Egypt it continues to investigate options for increasing its gas supply in the country.