Pakistan State Oil (PSO) has sent an SOS to the ministries of finance and petroleum and natural resources for an immediate release of Rs60 billion enabling it to overcome the acute liquidity crunch getting beyond control.
Sources told Geo News that PSO facing difficulties in making payments to the international suppliers and Kuwait Petroleum. Therefore, the PSO payables to the international suppliers have piled up to Rs110 billion, which with the PSO payables to local suppliers added mounts to Rs135 billion.
In this backdrop, PSO has sought from the government immediate release of Rs60 billion enabling it to meet at least its international obligations so that the new purchase orders of oil in the days to come do not get dishonored.
PSO as against its payables of Rs135 billion has an accumulated outstanding amounts of Rs151 billion due for recoveries from different organizations.
No comments:
Post a Comment