Karachi October 7 2024: Pakistan Petroleum Limited’s subsidiary is set to receive USD 6 million from Iraq’s state-owned oil company as part of the settlement for Block-8 in Iraq.
PPL is pleased to announce that its subsidiary, PPL Asia E&P B.V. (PPL Asia), has reached an amicable settlement with Midland Oil Company (MdOC), an Iraqi state-owned entity.
This settlement effectively resolves all matters related to the Exploration, Development, and Production Service Contract (EDPSC) for Block-8 in Iraq.
The agreement was formally signed on October 6, 2024, in Baghdad by Mr. Imran Abbasy, Managing Director-A of PPL Asia, and Mr. Muhammad Yaseen Hassan, Director General of MdOC.
According to the settlement terms, MdOC, through a third party, will make a net payment of USD 6 million to PPL Asia. This outcome, achieved after extended negotiations with Iraqi authorities, represents a significant milestone for PPL Asia and the company, securing their financial interests while successfully concluding their involvement in Block-8.
