OGDC terms media buzz on circular debt settlement 'Speculative'

August 18, 2023 (MLN): Amidst the recent media buzz pertaining to the circular debt settlement, the Oil and Gas Development Company Limited (PSX: OGDC) clarified that as of this date, the company has not received any formal communication from the relevant authorities. Thus, 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 notification issued by the company noted. 

The Board of Directors (BoD) of OGDC has proudly granted their seal of approval for the selection of an Engineering, Procurement, Construction, and Commissioning (EPCC) Contractor for the KPD-TAY Compression Project, it noted.

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, it said. 

"OGDC is deeply committed to indigenization to bolster self-reliance and fortify our domestic economy using local resources and technologies," it added. 

This initiative of the company will help to minimize imports, conserve foreign reserves, and enhance our trade balance by backing local industries and securing continuous material supply with alternate supply chains for operations.

It will also elevate domestic market competitiveness, ensuring quality products at great prices and opening global export avenues, and help to drive economic growth, spurring production, employment, and local investment.

"The Board remains steadfast in its commitment to transparency and will continue updating the community regarding Company in the interest of all," the notice reads. 

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