Circular debt issue: government mediating between refiners and industrialists, says Naveed

Federal Minister for Privatisation, Petroleum and Natural Resources Naveed Qamar on Friday said negotiations were on under a committee, encompassing the oil refiners and industrialists, to resolve the issue of circular debt and its damaging impact on refineries.
Also, the federal minister said the strikes and agitation would not work and those harbouring reservations over the recent increase in petroleum prices should come to the table to resolve the issue amicably. Talking to media after a certificate-distribution ceremony at PSO Terminal-C, Keamari, Qamar said a committee of all stakeholders was working hard to seek a solution to the issue, which had brought the country's oil refineries on the verge of collapse.
"It would take weeks and not months, and anything crucial would surface in a month," the minister said. Qamar said other issues pertaining to the "profitability" and "overall petroleum production" were also being worked out by the committee. The federal minister conceded that the government initiative to control the menace by introducing Terms Finance Certificates (TFCs) did not prove "adequate" to end the debt. "We need to do more," he said.
Asked about the government strategy to deal with the strike call given by the transporters, the federal minister, showing his ignorance towards any such call, said Ogra had taken the decision in accordance with its assessment of the international oil prices. "We should negotiate with the concerned institutions instead of opting for strikes," he suggested. The minister also told a questioner that the process of privatisation in the country had not stopped rather only those privatisation's were being carried out that could benefit the people.