Troubled BG won’t exit Egypt in a hurry, says boss

The boss of BG Group ruled out any hasty exit from conflict-torn Egypt as he admitted shareholders were “disappointed” at a year’s performance at the oil and gas group that culminated in a severe profits warning.

Chris Finlayson, who took over as chief executive a year ago, said there were several possible outcomes from BG’s difficulties in Egypt that last week forced it to declare “force majeure” on its contracts to supply liquefied natural gas (LNG).

Problems in the politically unstable country, coupled with the impact of falling gas prices in America and rising costs, forced BG last week into its fourth production warning in 15 months. It sent the shares down 15pc, knocking more than £6bn off the company’s value.