PSO receivables swell to Rs135b

KARACHI - The receivables of Pakistan State Oil reached to Rs 135 billion on Tuesday from Rs 122.46 in the last month of May due to the non-payment to the local refineries and the inter-circular debt as the management has compelled to give save our souls call to the government for providing Rs 70 billion immediately for running the operations. According to the spokesperson of the Pakistan State Oil Maryam Shah, the letter containing save our soul call has been dispatched to the relevant ministries including Minister for Petroleum Naveed Qamar, Minister for Water and Power, Secretaries of Finance, Petroleum, Water and Power and Director General, Oil. Pakistan State Oil has already defaulted on payments to local refineries including PARCO, PRL, NRL, ARL, Bosicor and other major refineries amounting to Rs 123.24 billion which has led to stopping production by all. It is pertinent to mention here that the 90 per cent of the power sector of the country is attached with the Pakistan State Oil and if the matter of default would not be resolved immediately, the Pakistan State Oil will not be able to import oil that will lead the power sector crisis for the next four months.

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