The inter corporate circular debt still remains a major source of concern for the government, as total receivables of the Pakistan State Oil (PSO) have swelled to Rs130.4 billion and the company has an over due payment of Rs45.4 billion to oil refineries. An official source said that PSO receivables from the power sector, PIA and Pakistan Railways were over Rs118 billion.
Despite its precarious financial conditions, PSO was still providing furnace oil to the power sector on a daily basis. The company had an over due amount of Rs90.1 billion from these entities, while they were also liable for another amount of Rs27.9 billion which was not yet due.
According to data on June 24, 2011, PSO receivables were Rs26.5 billion from WAPDA, Rs52.2 billion from HUBCO, Rs28.2 billion from KAPCO, Rs2.06 billion from PIA, Rs370 million from OGDCL, Rs7.6 billion from KESC, Rs876 million from Pakistan Railways and Rs1.01 billion from PIA in terms of financial charges.
Furthermore, audited price differential claims on High Speed Diesel (HSD) were Rs1.38 billion and Rs6.1 billion on imported PMG. The overdue amount to refineries is Rs45.4 billion with another amount of Rs6 billion not yet due. Total liabilities amounted to Rs51.5 billion. PSO payables to refineries on June 24 were Rs18.5 billion to PARCO, Rs5.9 billion to PRL, Rs9.4 billion to NRL, Rs13.9 billion to ARL, Rs3.1 billion to Bosicor and Rs381 million to others.
