REG - Oil and Gas Devt Co - Key Updates

Oil And Gas Development CoAnnouncement

18/08/2023 11:46

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RNS Number : 8082J  Oil and Gas Development Company Ltd  18 August 2023

 

No.CS04-08/
(PSX/LSE/SECP)
                 August 18, 2023

 

 The General Manager,                                        London Stock Exchange Plc.

 Pakistan Stock Exchange Limited, Stock Exchange Building,   10 Paternoster Square,

 Stock Exchange Road,                                        London EC4M 7LS

 Karachi                                                     Tel: (44) 20 7334 8907

Subject:            KEY UPDATES

 

Dear Sir,

            The Board of Directors of the Oil & Gas Development
Company Limited (OGDCL) convened its meetings on August 10, 2023, and August
17, 2023, and wishes to share the following updates:

Circular Debt Settlement: Several news articles have recently addressed the
issue of circular debt settlement. We would like to clarify that, as of this
date, we have 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.

 

KPD-TAY Compression Project: We are delighted to announce the Board's approval
for hiring the EPCC Contractor for the KPD-TAY compression project. 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.

Indigenization Initiatives: OGDCL is deeply committed to indigenization to
bolster self-reliance and fortify our domestic economy using local resources
and technologies. Our goals with this initiative are to:

• Minimize imports, conserving foreign reserves and enhancing our trade
balance by backing local industries.

• Secure continuous material supply with alternate supply chains for our
operations.

• Elevate domestic market competitiveness, ensuring quality products at
great prices and opening global export avenues.

• Drive economic growth, spurring production, employment, and local
investment.

• Promote knowledge and skill growth, fostering a skilled workforce and
boosting our nation's human capital.

• Align with government policies emphasizing domestic production and
investment.

 

We extend our gratitude to our shareholders, Ministry of Energy, the Federal
Government, employees, partners, and the general public for their unwavering
trust and support. The Board remains steadfast in its commitment to
transparency and will continue updating the community regarding Company in the
interest of all.

 

2.         You may please inform the TRE Certificate Holders of the
Exchange accordingly.

Yours sincerely,

 

 

 

(Wasim Ahmad)

A/Company Secretary

 

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Executive Director/HOD, SECP, Offsite-II Department, Supervision Division,
SECP, Islamabad

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