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.