ISLAMABAD - Pakistan State Oil (PSO) is facing severe financial constraints and is on the verge of collapse if immediate payments were not made to the state entity during next few days.
PSO officials informed here on Friday that National oil agency’s receivables swelled to Rs 141 billion out of which power sector is the main defaulter with Rs 117 billion outstanding amount. Receivables from Wapda are Rs 48b, HUBCO Rs 56b, KAPCO Rs 11b while KESC has liabilities of more than Rs11 billion. Officials further said that PSO has to pay more than Rs20 billion to PARCO, Rs 9 billion to ARL, Rs 2.02 million to Bosicor (Net of receivables) and LC payment to KPC and Fuel oil suppliers are more than Rs73 billion.
Officials said that power sector has been supplied more than twenty thousand metric ton furnace oil on daily basis however timely payments have not been ensured to the PSO therefore state oil carrier is facing financing constraints.
They said that if timely payments will not be made to the PSO then it would be difficult for it to maintain oil supply chain in the country.