PPL subsidiary reaches settlement with Iraqi oil company

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

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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.

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