ISLAMABAD – Pakistan State Oil (PSO) is in a financial crunch as PSO’sreceivables are set to have surpassed a record Rs364 billion, whereas itspayables have reached Rs265 billion as of 18th January, reports *Dawn.*
And adding to the financial misery of the energy sector is the addition ofsecond-tier circular debt of Rs51 billion due to non-payment of LNGsupplies to Sui Northern Gas Pipelines Limited (SNGPL).
State-owned Pakistan International Airlines (PIA) owes Rs48 billion to PSOand the federal government on account of price differential claims andexchange rate loss.
PSO, which is Pakistan’s biggest fuel supplier has been repeatedlyrequesting the finance and petroleum division for the disbursement of atleast Rs100 billion to ensure smooth provision of LNG and other petroleumproducts.
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And letters of credit to foreign suppliers worth Rs43 billion have becomedue and Rs15 billion to domestic refineries.
According to an official, the government is asking PSO for ordering LNGcargoes during low tide season..
