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KARACHI: PPL Asia E&P B.V. (PPL Asia), a subsidiary of Pakistan Petroleum Ltd (PPL), has reached an amicable $6 million settlement with Midland Oil Company (MdOC), a state-owned Iraqi oil entity, for Block-8 in Baghdad.
This settlement marks the conclusion of their Exploration, Development and Production Service Contract (EDPSC) for Block-8 in Iraq, which expired in May 2022.
PPL, in a stock filing on Monday, said that a significant milestone in these efforts was the net settlement of $6m, with MdOC paying through a third party. This final resolution closed all matters related to the contract without either side admitting fault or liability, reflecting the persistent and strategic endeavours to achieve a mutually favourable outcome after over two years of engagement.
PPL added that this brings closure to the company’s operations in Block-8 and delivers a valuable foreign exchange recovery for the company and Pakistan.
Efforts to resolve the lingering settlement from 2022 involved addressing long-standing disputes and claims between the parties. PPL Asia’s commitment to finding a resolution demonstrates sustained negotiations and legal efforts, culminating in an agreement signed on Oct 6 by PPL’s Managing Director and Chief Executive Officer Imran Abbasy and MdOC’s Director-General Muhammad Yaseen Hassan.
Published in Dawn, October 8th, 2024
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