Further non-Payment to PSO may deepen energy crisis
1/12/2012 12:54:16 PM
By Faizan Saleem
KARACHI: The government owned Oil Marketing Company, Pakistan State Oil (PSO), is facing severe liquidity shortages owing to prevailing circular debt issue in the country.
The management of the cash strapped company has alarmed that PSO will not be flexible to supply oil to power companies unless the government arranges for Rs 50 billion in payments to its fuel suppliers. The PSO owe Rs 189 billion from different power companies of the country and payables to different foreign suppliers have touched Rs 202 billion.
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