PPL subsidiary reaches settlement with Iraqi oil company

By MG News | October 07, 2024 at 09:44 AM GMT+05:00

0:00

October 07, 2024 (MLN): Pakistan Petroleum Limited's (PSX: PPL) subsidiary, PPL Asia E&P B.V. (PPL Asia), has reached a mutually favourable settlement with Midland Oil Company (MdOC), a state-owned Iraqi oil company.

The settlement successfully concludes all matters relating to the Exploration, Development, and Production Service Contract (EDPSC) for Block-8 in Iraq, PPL said in a stock filing on Monday.

The settlement agreement was officially signed on October 06, 2024 in Baghdad, Iraq, by Imran Abbasy, Managing Director-A of PPL Asia, and Muhammad Yaseen Hassan, Director General of MdOC.

Under the terms of the settlement agreement, MdOC, through a third party, will make a net payment of $6 million to PPL Asia.

This settlement, "the result of sustained negotiations with Iraqi authorities, marks a significant milestone for PPL Asia and the company, in successfully concluding their contract in Block-8 while securing and safeguarding their financial interests," reads the statement.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	124,379.07 220.31M	1.91% 2332.60
ALLSHR	77,679.82 768.94M	1.80% 1376.61
KSE30	37,915.73 105.69M	1.92% 713.35
KMI30	184,872.78 113.74M	1.90% 3446.47
KMIALLSHR	53,473.19 418.85M	1.75% 921.24
BKTi	31,363.74 21.26M	1.66% 510.82
OGTi	27,886.19 21.80M	1.53% 419.75

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	107,740.00	108,580.00 107,050.00	-535.00 -0.49%
BRENT CRUDE	66.34	67.31 66.12	-0.35 -0.52%
RICHARDS BAY COAL MONTHLY	96.00	96.00 95.00	1.60 1.69%
ROTTERDAM COAL MONTHLY	105.35	105.35 104.25	-0.05 -0.05%
USD RBD PALM OLEIN	998.50	998.50 998.50	0.00 0.00%
CRUDE OIL - WTI	65.07	66.09 64.80	-0.17 -0.26%
SUGAR #11 WORLD	16.69	16.80 16.39	0.27 1.64%