Latest news with #Rs7.725
Business Recorder
04-08-2025
- Business
- Business Recorder
Circular debt plan: OGDCL receives Rs7.7bn first interest payment
Oil and Gas Development Company Limited (OGDCL), Pakistan's largest E&P firm, has received the first interest payment of Rs7.73 billion from Power Holding (Private) Limited (PHL) under the government's circular debt settlement plan. The E&P disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Monday. 'As part of the circular debt settlement plan, OGDCL has received the first interest payment of Rs7.725 billion from PHL, pursuant to the Government of Pakistan (GOP) approved mechanism. 'As previously disclosed, the total interest amount of Rs92 billion is to be repaid in twelve equal monthly instalments, commencing July 2025,' read the notice. OGDCL shared that receiving this initial payment reflects progress under the Government of Pakistan's initiative to address circular debt in the energy sector. Last year in June, as part of the circular debt settlement plan, the government approved payment of Rs82 billion to OGDCL, representing the principal amount of the company's investment in Privately Placed Term Finance Certificates (PPTFC) issued by PHL. The government also approved repayment of interest of Rs92 billion in twelve equal instalments commencing from July 2025. OGDCL, as part of the settlement, agreed to waive off Rs72 billion on account of liquidated damages on the directives of the government. OGDCL was incorporated on 23 October 1997 under the Companies Ordinance, 1984 (now the Companies Act, 2017). The company was established to undertake exploration and development of oil and gas resources, including production and sale of oil and gas and related activities formerly carried on by Oil and Gas Development Corporation, which was established in 1961.
Business Recorder
21-06-2025
- Health
- Business Recorder
CDWP clears five projects costing Rs55bn
ISLAMABAD: The Central Development Working Party (CDWP) cleared five development projects at a total cost of Rs55.164 billion. The CDWP approved two development projects of value Rs7.725 billion and recommended three projects at the cost of Rs47.439 billion to the Executive Committee of the National Economic Council (ECNEC) for final approval. The CDWP met with Federal Minister for Planning, Development and Special Initiatives and Deputy Chairman of the Planning Commission, Ahsan Iqbal, in the chair at P-Block Secretariat. CDWP approves eight development projects The meeting was attended by Awais Manzur Sumra, Secretary Planning, along with Chief Economist, VC PIDE, other members of the Planning Commission, federal secretaries, heads of Provincial Planning and Development (P&D) boards/departments, and senior representatives from relevant federal ministries and provincial governments. The agenda focused on development projects across key sectors, including environment, food and agriculture, health and physical planning and housing. A project related to environment sector presented in the meeting namely, 'Installation of Weather Surveillance Radar at Sukkur in the Islamic Republic of Pakistan – Revised' at cost of Rs5.73 billion was approved by CDWP forum. Another project of the PP&H sector presented in the forum namely, 'Special Development Initiatives for Backward/ Poor District in Country (50:50)' worth Rs1,999.988 million was approved by the CDWP for Kashmore District, Sindh. The deputy chairman Planning Commission (DCPC) formed a committee to oversee and confirm scope and cost along with the design and construction of the project. A project related to health sector presented in the meeting namely, 'Expansion of Armed Forces Institute of Cardiology and National Institute of Heart Diseases (AFIC-NIHD), Rawalpindi' at an estimated cost of Rs25.458 billion and in-principal recommended to the ECNEC with concerns and funding confirmation. The upgradation and expansion of the Armed Forces Institute of Cardiology and National Institute of Heart Diseases (AFIC-NIHD) aims to significantly enhance the hospital's capacity and quality of care to meet growing cardiac healthcare demands over the next two decades. Key objectives include increasing indoor bed capacity from 420 to 800, establishing 10 state-of-the-art modular operation theatres, enhancing diagnostic capabilities with advanced MRI and CT scanners, expanding outpatient services with 20 additional specialist clinics, and upgrading the angiography setup and compliance with international healthcare standards such as JCIA, FGI, and ASHRAE. The minister accorded in-principle approval and formed a committee to rationalise cost/ scope and directed the sponsors to explore alternative financing options for the project in view of tight resource position for PSDP funding. A project related to food and agriculture sector presented in the meeting namely, 'Balochistan Livelihoods and Entrepreneurship Project' recommended to ECNEC at a revised cost of Rs12.462 billion. The project source of financing is through World Bank and International Development Association (IDA) and MDTF. The main objective of the project is to promote employment opportunities for rural communities and ensure the sustainability of enterprises in eight districts of Balochistan including Chagai, Qilla Abdullah, Killa Saifullah, Mastung, Nushki, Pishin, Sherani, and Zhob. The project aims to benefit rural households by supporting livelihoods through enterprise development and job creation. Another project of physical planning and housing sector presented namely, 'Construction of New Balochistan Assembly at Quetta' worth Rs9.52 billion in-principal approved the project and recommended to ECNEC for further considerations. The main objective of the project is to construct a new assembly building being planned in Quetta to replace the existing structure, can no longer accommodate the full strength of assembly members. The proposed facility, spanning a covered area of 250,000 square feet across a double basement, ground, first, and second floors, will feature a modern Main Assembly Hall with increased seating capacity, dedicated chambers for the chief minister, speaker, and deputy speaker, ministerial offices, administrative areas with a conference hall, and comprehensive parking and allied infrastructure. While reviewing the project, DCPC Ahsan Iqbal also constituted a committee to rationalise its cost scope before submission to the ECNEC for final approval and directed that top quality consulting firms should be engaged for designing and supervision work. New Balochistan Assembly building will be a gift of the federal government for the people of Balochistan. PM Shehbaz Sharif gave approval for the funding of the project. Copyright Business Recorder, 2025
