OGDC receives payment from government against long term bonds

MG News | July 21, 2017 at 12:44 PM GMT+05:00

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Oil and Gas Development Company has received Rs 53.4 billion against the maturing of five year Pakistan Investment Bonds.

The government issued five year bonds on July 19, 2012 against the debt settle under the umbrella of circular debt.

These bonds had been issued for five years carrying a profit of 11.50 percent. The face value of these bonds were Rs 50.772 billion of this the company has received Rs 53.4 billion, including profit of Rs 2.62 billion. The bonds were issued five years back in order to settle out standing raised under the garb of circular debt.

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