Oil & Gas Development Company Limited (OGDCL) on Friday said that despite speculation regarding issue of circular debt settlement, no such plan has been officially communicated to the company by relevant authorities.
In an update shared with Pakistan Stock Exchange (PSX), OGDCL said, “Any information in circulation about a settlement plan might be speculative. We encourage stakeholders and the public to rely exclusively on official communications for accurate information.”
The company also said that its Board has given approval for hiring the EPCC Contractor for the KPD-TAY compression project. The completion timeframe of the project is set at 16 months, spanning from the establishment date of Foreign Supply, Letter of Credit (LC) to the successful performance testing of all Compressor Packages.
The update said that OGDCL is committed to indigenization to bolster self-reliance and fortify the domestic economy using local resources and technologies.
The company further said that indigenization initiatives are aimed at minimizing imports, conserving foreign reserves and enhancing our trade balance by backing local industries. Another target is to secure continuous material supply with alternate supply chains for our operations.
The company also wants to elevate domestic market competitiveness, ensuring quality products at great prices and opening global export avenues. Further, driving economic growth, spurring production, employment, and local investment are also among the targets.
Through these initiatives the company also wants to promote knowledge and skill growth, fostering a skilled workforce and boosting our nation’s human capital.
Lastly, OGDCL aims to align with government policies emphasizing domestic production and investment.
