Pakistan State Oil receivables cross Rs252 billion
Power companies are making payment to the PSO on time.
KARACHI (Dunya News) - Pakistan State Oil (PSO) receivables have reached almost one year high of Rs250 billion as once again power companies are making payment on time, which has been squeezing the company’s cash flow.
According to a data received from the PSO, total receivables reached Rs252 billion, out of which, nearly Rs 207 billion have been restricted to power companies. Wapda, the major buyer of electricity has to pay Rs 129 billion, Hub Power nearly Rs52 billion while Kot Addu Power has to pay Rs21 billion.
Beside power companies, Pakistan International Airline (PIA) has to pay Rs 15.4 billion to the Pakistan State Oil. Repeatedly, the company has asked national airline to pay the pending dues, but after dues are continuously rising after every passing month.
Though Pakistan State Oil has not faced any immediate financial issue, but long outstanding amount might hit cash flows and the company might rely on bank financing which would increase the financial cost, eroding the company’s profit.
PSO has to pay around Rs 10 billion to refineries including Pak Arab Refinery, National Refinery, Pakistan Refinery and Attock Refinery. Moreover it has to pay nearly Rs 50 billion against the import of LNG and Kuwait Petroleum Company.
