Oil and Gas Development Co. welcomes new board member

KARACHI/LONDON - Oil and Gas Development Company Limited (OGDCL) has announced the appointment of Mr. Zafar Abbas as a member of its Board of Directors effective from Monday. Mr. Abbas, who currently serves as the Additional Secretary at the Ministry of Energy (Petroleum Division), replaces Mr. Hassan Mehmood Yousufzai in this role.

The change in the board’s composition was communicated to the Pakistan Stock Exchange and the London Stock Exchange (LON:LSEG), where OGDCL is listed, in compliance with regulatory requirements. The appointment is part of the routine corporate governance practices and the ongoing relationship between the company and the Ministry of Energy.

Mr. Abbas brings to the board his experience from the Ministry of Energy, which oversees the petroleum sector in Pakistan, a key area of operation for OGDCL. His insights are expected to align the company’s strategic direction with the national energy policies and goals.

As a significant player in the energy sector, OGDCL’s board appointments are closely watched by investors and industry analysts for indications of the company’s future direction and alignment with government energy strategies.

The Securities & Exchange Commission of Pakistan has also been notified of this appointment, ensuring that all regulatory bodies are informed as per standard procedure.

This change comes at a time when the energy sector is navigating a complex environment with challenges in energy supply and demand dynamics. OGDCL’s leadership transitions are critical to maintaining the company’s position in the market and its operational success.

The information regarding the appointment of Mr. Abbas is based on a press release statement from the company. It is part of the company’s commitment to transparency in its corporate governance and communication with shareholders and the market at large.

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