Oil refineries refuse to provide furnace oil to PSO

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Oil refineries refuse to provide furnace oil to PSO

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Oil refineries refused to provide furnace oil to Pakistan State Oil (PSO) for non-payment of dues.

19 May,2011 09:53 am

According to sources, the PSO faces a circular debt of Rs 500 billion due to non-payment of dues by electric companies, including WAPDA. As a result, the PSO had failed to pay to the oil refineries, which have now refused to provide furnace oil to it.According to sources, PSO owes Rs 99 billion to the national and foreign oil companies. Karachi Electric Supply Company (KESC) owes Rs 7.47 billion to the PSO while WAPDA and other electric companies are defaulter of Rs 81 billion.The PSO sources said it needed Rs 200 billion to obtain petroleum products.