Middle East and North Africa focused oil and gas exploration and production firm Circle Oil is the latest to announce it has received a debt repayment from the Egyptian government.
The company received US$15 million, as part of the recent special payment distribution by the Egyptian Government to oil companies operating in Egypt.
Last month, BG Group was repaid $350 million by the Egyptian government, reducing the debt it is owed to $920 million.
In October, the Egyptian government signed $1.4 billion worth of loans with a consortium of banks led by the National Bank of Egypt (NBE). It also brought the debt the country owes to foreign firms down to $4.9 billion and pledged to pay back $2-3 billion owed to foreign energy companies by the end of the calendar year.
Egypt had delayed payments to oil and gas firms since a popular uprising ousted president Hosni Mubarak in 2011.
Circle Oil said its payment had resulted in a significant reduction in the outstanding debt owed to the company by the Egyptian government.
Circle's CEO Prof. Chris Green said: "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. We thank the Egyptian Government and look forward to continuing to further develop Circle's position in Egypt."
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