PSO pens letter to finance ministry seeking issuance of Rs130 bn
PSO receivables have soared to all-time high of Rs334bn
ISLAMABAD (Dunya News) – State-owned conglomerate Pakistan State Oil (PSO) on Monday penned a letter to Ministry of Finance to immediately release Rs130 bn as company’s receivables have augmented to all-time high of Rs334 bn.
The officials of the company have warned federal government that import of petroleum products and Liquefied Natural Gas (LNG) would be affected if an emergency action is not taken at earliest.
The letter states that PSO has to pay Rs79bn to different banks while Rs26 bn are to be paid to foreign companies in terms of imports bill. The expenditures of state-owned oil giants stand at Rs28 bn.
PSO’s receivables have augmented to all-time high of Rs334 billion as state-owned company continues to cope with financial difficulties in the wake of non-payments.
Insiders of the liquidity front have told our correspondent that only power sector owes a mammoth Rs285 bn whereas debt liabilities of Hub Power Company stands at whopping Rs85 bn. Likewise, Korea Electric Power Corporation has not yet released payments worth Rs43 bn.
On the other hand, state-owned conglomerate Pakistan International Airlines is in debt of Rs16 bn.
Owing to non-payments, the state-owned oil giant is facing immense difficulties in making payments to other companies. At present, PSO has to make payments worth Rs84 bn to refineries for purchasing oil and gas.
