ISLAMABAD – The largest public sector entity in oil distribution, Pakistan State Oil (PSO) is facing mounting losses. The company owes Rs 138.541 billion compared to a receivable amount from direct payments of Rs 136.200 billion.
Different national institutions including power generation as well distribution companies have to pay the amount Rs 138.541 billion to Pakistan State Oil (PSO) out of which payment of Rs 117.494 million is due. According to sources in PSO, WAPDA, HUBCO, KAPCO, PIA, OGDC and KESC have to repay the debt to PSO.
Sources indicated that WAPDA have to pay Rs 38.370 billion out of which Rs 26.556 million have become due. Similarly HUBCO has to pay Rs 66.903 billion to PSO out of which payment of Rs 62.586 million has turned matured. KAPCO is also amongst the list of debtors which would have to pay back Rs 26.651 million which has become due.
Like wise KESC has the outstanding amount of Rs 2.0 billion but the same was not payable yet. PIA owes Rs 1.583 billion to Pakistan State Oil which has also turned out to be payable. Similarly OGDC has to pay Rs 333 million out of which Rs 118 million is overdue. On the other hand, liabilities of PSO have also reached Rs 13.8541 billion out of which Rs 87945 has become due.
Pakistan State Oil has to pay Rs 27.810 billion to PARCO, Rs 11.834 billion to Pak Refinery Limited, Rs 9.190 billion to National Refinery Limited, Rs 34.073 billion to Attock Refinery Limited. PSO has to make payments of Rs 4,694 million to Bosicor while others payments including LC payment to Karachi Port Trust which the PSO owes Rs 50,528 million.
However, after settling the dispute over audit price differential claims and price differential claims PSO might earn the profit of Rs 11.065 billion as per account statement issued by the company on March 15.
