Oil and Gas Development Company Limited (OGDCL) announced Wednesday that it has received Rs 7.725 billion from Power Holding (Private) Limited (PHL), marking the final interest payment under the government’s circular‑debt settlement plan.
The company disclosed the receipt in a notice to the Pakistan Stock Exchange.
“A total interest amount of Rs 92 billion has now been received. This confirms ongoing progress in the Government of Pakistan’s initiative to resolve and reduce circular debt in the energy sector,” the notice stated.
In 2024, the circular‑debt settlement plan approved a principal payment of Rs 82 billion to OGDCL for its investment in Privately Placed Term Finance Certificates (PPTFC) issued by PHL, alongside a Rs 92 billion interest repayment to be made in twelve equal instalments starting July 2025.
OGDCL, incorporated on 23 October 1997 under the Companies Ordinance 1984 (now the Companies Act 2017), was created to explore, develop, produce, and sell oil and gas, continuing the legacy of the Oil and Gas Development Corporation established in 1961.