ISLAMABAD (APP) - Senate Standing Committee on Petroleum and Natural Resources on Monday expressed serious concern at the rising trend of circular debt amounting to over Rs 235 billion of the ministry and forcing oil refineries to produce as low as at 60 per cent of their capacity. After all, the government has to put in place a plan to resolve the issue of circular debt, enabling the entities of the petroleum sector to perform at full capacity and cater to the needs of the national requirements, Sabir Ali Baloch, chairman of the committee said. However, the committee could not reach a consensus note featuring any remedy to the circular debt, piling up over the years. We had five meetings but no concrete decision came out, as only discussing things do not serve purpose, I am afraid this one would also prove as useless unless we work out solutions, we have to be more assertive in our recommendations, senator Abbas Khan, a member of the committee remarked. Senator Safdar Abbasi suggested a joint meeting of ministry of water and power, ministry of petroleum and natural resources and ministry of finance be convened to thrash out a quick solution to the circular debt. Senator Pervaiz Rashid proposed a joint meeting of the senate and national assembly to discuss solutions. Muhammad Jehangir Badar was of the opinion there was need to have first options to be put forward in joint meetings. Mir Muhabat Khan said there was need to explore indigenous resources to ease dependency on imports. Managing Director Pakistan State Oil(PSO) Irfan Qureshi briefing the committee said the companys receivables had soared to Rs 144 billion including Rs 130 from the power sector while payables had swelled to Rs 122 billion including Rs 89 billion to refineries and Rs 33 billion to international oil suppliers. He informed the circular debt was seriously affecting the PSO, cautioning the chain of supply would collapse if the vicious circle of the circular debt was allowed to move on. However, he said there was sufficient stock oil products available for the month of October, adding the Rs 2.9 billion worth damages caused by the recent floods were being repaired at fast pace. Replying to a question, the MD said the figures were well verified and reliable as these had been worked out by reputable experts. He said tight administrative policy was being pursued and administrative cost had came down by 8 percent as compared to the last year. Answering another question, he said the Transparency International Pakistan had no right to dictate and point finger at the PSO as he alleged it itself had blemish on its reputation. The chairman also took strong exception to the TIPs position on the PSO, advising the company not to pay heed to this particular organizations intrusive observations. The meeting was attended besides member senators, secretary petroleum Imtiaz Qazi, officials of OGRA and other concerned departments.