June 13, 2024 (MLN): The Economic Coordination Committee (ECC) has directed the Oil and Gas Development Company Limited (OGDCL) to settle its liabilities towards the government due to a significant recovery authorized by the committee for the company today.
ECC has considered and approved the summary of Power Division, as per which OGDCL is entitled to receive a repayment of Rs82 billion for the finance facility it extended to Power Holding Limited (PHL).
The approval was authorized during a meeting chaired by Federal Minister for Finance and Revenue Muhammad Aurangzeb along with other government officials.
These included the Minister for Industries & Production Rana Tanveer Hussain, Minister for Petroleum Musadik Masood Malik, Minister for Power Sardar Awais Ahmad Khan Leghari, Minister of State for Finance & Revenue Ali Pervez Malik, Federal Secretaries, and other senior officials of the relevant ministries.
Additionally, the ECC granted its approval for significant technical supplementary grants, along with proposals from other ministries.
