Adding to the financial woes of Pakistan State Oil (PSO) which also owes billions or rupees to refiners and other fuel suppliers, the receivables of the state owned oil marketing company has ballooned to Rs195 billion as on Tuesday.
However, the company’s official sources claimed that despite financial constraints, PSO, the leading energy company of the nation, continues to fulfill the energy needs of the country in a responsible manner.
As of date, PSO is supplying approximately 16,000 MTs of furnace oil per day to its credit customers i.e. WAPDA/ GENCOs, HUBCO and KAPCO. Furthermore, PSO is supplying an estimated 3,000 MTs of fuel oil on a daily basis to its cash customers i.e. IPPs. The supplies to cash customers/IPPs may vary as per the orders placed and payments received. Keeping in view the national interest, PSO has
continued this fuel supply even while the company labours under a debt of Rs195 billion, out of which Rs170 billion is owed by the power sector alone.
In addition to the normal supplies to power sector, the company maintains adequate fuel oil reserves which are sufficient to meet the energy needs of the country for a period of 25 days. PSO has also prudently chalked out oil import plans for the upcoming months in order to ensure that no product shortage occurs at any point in time. PSO, as a responsible corporate citizen is cognisant of its responsibilities and continues to meet the energy demands of the nation in a timely manner.
PSO receivables balloon to Rs195 billion
