ISLAMABAD - After almost 12 years, the federal cabinet has approved the payment of Rs 82 billion to Oil & Gas Development Company Limited (OGDCL) that was taken as a loan by Power Division. The ECC in 2020 approved the conversion of Rs82 billion OGDCL facility to public debt and an amount of Rs82 billion has been allocated in the federal budget for FY2023-24 for settlement of ensure principal portion of the subject facility. The payment of over-due principal is planned to be released to OGDCL till June, 2024 and consequently entire principal portion shall be settled. The markup amount shall be paid without any markup on markup by CPPA through PHL in 12 equal installments starting from July 2025. The source said that the federal cabinet has approved the payment of Rs 82 billion to OGDCL.

Source: The Nation June 27, 2024 12:50 UTC