Finance Ministry has assured release of Rs 35 billion to cash-strapped Pakistan State Oil (PSO) which is at the verge of default due to non-payment of dues by power sector. PSO is continuing supply of oil by borrowing loans from banks. Bank sources said that PSO overdraft was about to reach final limit.
While addressing journalists here Thursday, Federal Minister for Petroleum and Natural Resources Syed Naveed Qamar said that government was aware of financial constrains of PSO and Finance Minister has assured to make immediate release of Rs 35 billion to bail out the company.
Qamar maintained that the PSOs financial issues were discussed in a meeting that was attended by Finance Minister Hafeez Shaikh and Minister for Water and Power Raja Pervez Ashraf. "Finance minister has assured to release of Rs 35 billion to PSO, he added.
Replying to question, Naveed said the Finance Division will release amount worth Rs 35 billion in a day that would be routed through Accountant General of Pakistan and disbursed to PSO in two days. As on December 23, 2010, total receivables of PSO have swelled to Rs 155.018 billion whereas PSO liabilities stood at Rs 128 billion.
PSO receivables against different clients stand as; WAPDA Rs 51.2 billion, Hubco Rs 62.6 billion, Kapco Rs 27.24 billion, PIA Rs 426 million, OGDC Rs 411 million, KESC Rs 1.99 billion, financial charges from PIA Rs 960 million, price differential claims (PDC) on High Speed Diesel (HSD) Rs 1.38 billion and PDC on imported PMG Rs 4.8 billion.
PSO is to pay Rs 128 billion dues to local as well as international fuel suppliers which are as follows; Rs 37.12 billion to Parco, Rs 11.5 billion to PRL, Rs 9.3 billion to NRL, Rs 29.23 billion to ARL, Rs 4.69 billion to Bosicor and Rs 31.6 billion on L/Cs payments to international fuel suppliers.
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