The federal government has approved the repayment of interest of Rs. 92 billion in twelve equal installments to Oil and Gas Development Company Limited (PSX: OGDC) commencing from July 2025.
As part of the settlement, OGDCL has agreed to waive off Rs. 72 billion on account of liquidated damages on the directives of the GOP, the exploration company informed the main bourse on Thursday.
As part of the circular debt settlement plan, the Government of Pakistan (GOP) has approved a payment of Rs. 82 billion to Oil and Gas Development Company Limited, representing the principal amount of the Company’s investment in Privately Placed Term Finance Certificates (PPTFC) issued by Power Holding (Private) Limited (PHL).
OGDC had subscribed to these certificates for settling its overdue receivables from oil refineries and gas companies.
The GOP’s initiative aimed at resolving the circular debt issue paves the way for sustainable growth and enhances shareholder value, the filing added.
The above information is submitted in compliance with Section 96 of the Securities Act, 2015 and Clause 5.6.1(a) of PSX Regulations, for dissemination amongst your members please.
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