Finance Division asked to arrange Rs 30 billion to support PSO and Parco

This accounts for PSO s failure to clear the dues of oil refineries, sources said, adding that PSO and Parco will close down in a few days if the Finance Ministry does not immediately arrange Rs 30 billion. Pakistan State Oil has already warned Pakistan International Airline (PIA) that it would be forced to suspend fuel supply from March 1 if it does not receive Rs 2.705 billion - Rs 1.8 billion against fuel purchase and Rs 878 million financial charges. Pakistan State Oil is currently providing fuel to power sector which may also face a reduction in fuel supplies from March 1 if the sector fails to clear PSO s dues, sources said, adding that it was decided in a meeting held in PSO House Karachi that Pepco, Hubco and Kapco will immediately provide Rs 15 billion to PSO for clearing dues of Parco. But PSO has received nothing from power sector companies so far, sources maintained.As on February 24, PSO receivables against Wapda stood at Rs 38.7 billion, Hubco s at Rs 35.5 billion, Kapco s at Rs 18.7 billion, OGDCL s at Rs 546 million, Power Holding Co s at Rs 1.3 billion, price differential claims on HSD amounted to Rs 1.38 billion, price differential claims on imported PMG were valued at Rs 2.2 billion and price differential under gas load management plan (KESC) was estimated at Rs 2.11 billion.

Pakistan State Oil is to pay Parco s dues amounting to Rs 25.29 billion, PRL s Rs 13.967 billion, NRL s Rs 8.7 billion, ARL s Rs 15.013 billion and Rs 4.977 billion to Bosicor. Pakistan State Oil is to clear Rs 11.85 billion dues of international fuel supplier Kuwait Petroleum Corporation (KPC) by March 16. Pakistan State Oil also requires Rs 16.69 billion to make payment on L/Cs for import of petroleum products, sources added.

Courtesy : Business Recorder