Pakistan Petroleum Limited (PPL) has confirmed that its subsidiary, PPL Asia E&P B.V. (PPLA), has received $6 million from Midland Oil Company (MdOC), an Iraqi state-owned enterprise, as part of a settlement agreement.
The payment, received on January 3, 2025, officially concludes the Exploration, Development, and Production Service Contract (EDPSC) for Block-8 in Iraq.
In a notice submitted to the Pakistan Stock Exchange (PSX), PPL announced that the settlement resolves all outstanding matters related to the EDPSC. “The receipt of this payment finalizes our obligations under the agreement,” stated Imran Abbasy, Managing Director-A of PPL Asia.
The settlement was initially announced on October 7, 2024, following the signing of the agreement in Baghdad. Under its terms, MdOC facilitated a net payment of $6 million to PPLA through a third party.
This resolution marks a significant step in closing PPL’s contractual commitments in Iraq, enhancing its financial position and strengthening its focus on other ventures
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