Apropos a news item "OGDCL to lose billions by giving Kunnar project to LPG group" carried by Business Recorder on Monday, the Oil Gas Development Company Limited has clarified that OGDCL is following a transparent and a clear procedure of procurement and the bidding procedure, totally in accordance with the rules and procedures.
"We have noted with concern the distorted news on Kunnar/Passhaki Deep project and clarify that various development options for KPD Project are still under review by the management keeping into consideration both the Companies reputation and its rules procedures as well transparency as the utmost principles.
"On the basis of detailed financial sensitivity analysis and commercial aspects we develop the plan for Board's decision and directives as per the standard policy and practice in OGDCL. The interest of the share holders and the organisation remains important in all decision making.
As a standard condition in all OGDCL tenders the company reserves the exclusive and irrefutable right to cancel the tender at any time without any reason. OGDCL ensures maximising returns by adopting fast track way forward plans on the investment strategy. "The figures cited in the story, including those claiming to approximate potential "losses" to OGDCL and field lives are factually inaccurate and incorrect," the clarification concluded.
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