Oil & Gas Development Company Limited (OGDCL) has announced the receipt of Rs. 41.8 billion from Uch Power (Private) Limited, marking a significant step in the government’s ongoing efforts to address circular debt in Pakistan’s energy sector.
According to a notice sent to the Pakistan Stock Exchange and the London Stock Exchange, the payment was made against outstanding receivables owed to OGDCL.
The company stated that this transaction is part of the circular debt settlement initiative led by the Government of Pakistan.
OGDCL stated that the receipt of these funds will help improve liquidity and financial stability within the energy sector.
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