KARACHI: Oil and Gas Regulatory Authority (OGRA) has imposed a penalty of Rs10 million and suspended the marketing license of the company for Khyber Pakhtunkhwa.
Hascol Petroleum Limited in a communication sent to Pakistan Stock Exchange (PSX) on Thursday informed that Ogra had communicated its order dated October 20, 2020 in respect of suspension of marketing license of the company for Khyber Pakhtunkhwa with immediate effect and imposition of penalty of Rs10 million.
“We understand that the order is based on a misinterpretation of facts and the law. As such, the company is challenging the same at the appropriate forum of law and is confident of a favorable outcome,” the company said.
“We believe that the impression the company has violated any law is false, illegal and hence denied.”
“In view of the above, it may not be appropriate to derive negative connotation from the abovementioned order as the same shall cause harm to the company and the public at large,” the company said.