Business Recorder
Oil and Gas Development Company Limited (OGDCL) said on Friday it had received Rs7.725 billion from Power Holding (Private) Limited (PHL), its tenth consecutive monthly interest payment under the government’s circular debt settlement plan. The OGDCL disclosed in a notice to the Pakistan Stock Exchange today. “As previously disclosed, the total interest amount of Rs 92 billion is to be repaid in twelve equal monthly installments, commencing July 2025,” the company said. The receipt of this installment reflects continued progress under the GOP’s initiative to address circular debt in the energy sector, the notice read. In 2024, as part of the circular debt settlement plan, the government approved payment of Rs82 billion to OGDCL, representing the principal amount of the company’s investment in Privately Placed Term Finance Certificates (PPTFC) issued by PHL. The government also approved repayment of interest of Rs92 billion in twelve equal instalments commencing from July 2025. Hence, in March, the OGDCL announced it had its ninth consecutive monthly interest payment. OGDCL was incorporated on 23 October 1997 under the Companies Ordinance, 1984 (now the Companies Act, 2017). The company was established to undertake exploration and development of oil and gas resources, including production and sale of oil and gas and related activities formerly carried on by Oil and Gas Development Corporation, which was established in 1961.
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