PPL issues clarification on report containing misleading facts regarding EPCC project

MG News | May 14, 2019 at 12:21 PM GMT+05:00

0:00

May 14, 2019 (MLN): Pakistan Petroleum Limited has issued a clarification regarding a report titled “Omar Ayub urged to resolve SPEC Energy-PPL dispute”, published by a certain news agency on Thursday, 9 May 2019.

The report cited that almost 80 percent of the project was completed and the remaining 20 percent work was facing undue delays due to litigations filed by both the parties.

However, the company clarified that the status of the project as cited in the report is factually misleading and incorrect, as is the other information in the report.

The company had earlier announced the termination of Engineering Procurement Construction and Commissioning (EPCC) Contract with SPEC Energy DMCC, for the construction of a Gas Processing Plant.

The project was required to be completed by October 5, 2017. However, its completion was delayed due to the failure by SPEC to meet the milestones and fulfill contractual obligations.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	134,299.77 290.06M	0.39% 517.42
ALLSHR	84,018.16 764.12M	0.48% 402.35
KSE30	40,814.29 132.59M	0.33% 132.52
KMI30	192,589.16 116.24M	0.49% 948.28
KMIALLSHR	56,072.25 387.69M	0.32% 180.74
BKTi	36,971.75 19.46M	-0.05% -16.94
OGTi	28,240.28 6.19M	0.21% 58.78

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	118,140.00	119,450.00 115,635.00	4270.00 3.75%
BRENT CRUDE	70.63	70.71 68.55	1.99 2.90%
RICHARDS BAY COAL MONTHLY	97.50	0.00 0.00	1.10 1.14%
ROTTERDAM COAL MONTHLY	108.75	108.75 108.75	0.40 0.37%
USD RBD PALM OLEIN	998.50	998.50 998.50	0.00 0.00%
CRUDE OIL - WTI	68.75	68.77 66.50	2.18 3.27%
SUGAR #11 WORLD	16.56	16.60 16.20	0.30 1.85%