OGDC says $1 billion in arrears delays E&P work

摘要

Karachi-Pakistan's largest exploration and production company, the Oil and Gas Develop- ment Company, February 24 said it was owed Pakistan Rupees 100 billion ($1.1 billion) for crude oil and natural gas supplies to refiner- ies and power utilities, delaying exploration and production activities. The inter-corporate circular debt as of December 31, 2011, stood at Rupees 109.6 billion, which included an overdue amount of Rupees 71.7 billion, the company said in a statement to financial institutions and investors.