Oil & Gas Development Company Limited (OGDCL) has received Rs. 41.8 billion from Uch Power (Private) Limited. The payment marks major progress in the government’s efforts to reduce circular debt in Pakistan’s energy sector.

Payment Confirmed Through Stock Exchange Notice

The company informed the Pakistan Stock Exchange and the London Stock Exchange about the development. OGDCL confirmed that the amount was paid against long-pending receivables.

Part of Government’s Circular Debt Settlement Plan

The transaction falls under the government-led circular debt settlement initiative. The program aims to stabilize the financial chain within the power and petroleum sectors.https://globiscope.com

Liquidity Expected to Improve

OGDCL stated that the inflow will strengthen its liquidity position. Moreover, the company expects the payment to support overall financial stability in the energy sector.Bangladesh to announce national election date on December 11