Oil and Gas Development Company Limited (OGDCL) on Friday said it has yet to receive any formal communication from relevant authorities over the issue of circular debt settlement.
In a notice to the Pakistan Stock Exchange (PSX), it said the company’s board of directors convened meetings on August 10 and August 17.
“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,” the OGDCL notice stated.
“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.”
Its remarks come after media reported last week that the (then) government has shared its draft plan to reduce the stock of gas sector circular debt with the International Monetary Fund (IMF). A government official, not named in the report, was quoted as saying that the proposed plan is a mix of non-cash book adjustments and tariff rationalisation that could be implemented only after the concurrence of the IMF.