KARACHI: Pakistan Petroleum Limited (PPL) has announced the receipt of $6 million by its subsidiary, PPL Asia E&P B.V. (PPLA), as part of its settlement with Midland Oil Company (MdOC), a state-owned Iraqi oil company.
The amount, received on January 3, 2025, finalizes the closeout of the Exploration, Development, and Production Service Contract (EDPSC) for Block-8 in Iraq.
PPL submitted an official notice to the Pakistan Stock Exchange (PSX), stating that the settlement concludes all matters related to the EDPSC. “The receipt of this payment finalizes our obligations under the agreement,” said Imran Abbasy, Managing Director-A of PPL Asia.
The settlement agreement was earlier announced on October 7, 2024, following its signing in Baghdad. Under the agreement, MdOC facilitated a net payment of $6 million to PPLA through a third party.
