Tag: Pso

Though ex-refinery prices of energy products have increased by an average of 22 percent in the third quarter of FY11, a reduction in...

KARACHI - The Pakistan State Oil (PSO) has refused to provide furnace oil to the Karachi Electric Supply Company (KESC) until the power utility pays up the price differential claims of Rs 3.9 billion made by the former.
Moreover, a clear directive from the federal government is also needed to provide the facility of subsidised furnace oil to the KESC, which is demanding oil on the rate of gas, after a reduction in gas supply from the Sui Southern Gas Company (SSGC) to the power

KARACHI - Pakistan State Oil (PSO) has denied the provision of furnace oil (FO) to Karachi Electric Supply Company (KESC) until price differential claims of Rs 3.9 billion are honoured by the utility corporation. A clear directive from the federal government is also needed to provide the facility to KESC, which is demanding FO on gas rate after reduction of gas supply from Sui Southern Gas Company, sources said.
However official sources in PSO on Friday have claimed that the oil

KARACHI - Pakistan State Oil(PSO) received one billion from Federal Government in order to provide furnace oil to Karachi Electric Supply Company(KESC) whereas SSGC despite court orders cut short gas supply to KESC hereon Tuesday.
According to a private TV channel report, Federal Government paid one billion rupees to PSO to restart oil supply to KESC whereas cutting short the gas supply upto 200 mmc.ft to KESC by SSGC raises fear of more load shedding in Karachi
KESC

KARACHI - Despite strong earnings, low cash payout of Rs 3.0-5.0 per share in the third quarter is seen as Pakistan State Oil's working capital needs are likely to rise due to higher oil prices while a 14 percent jump in receivables to Rs160 billion would further strain cash requirements.
The third quarter earning per share of Rs 20.68 by the company is estimated that includes Rs 11.8 in core earnings. With higher oil prices, it is estimated that PSO can book Rs 2.2 billion in

ISLAMABAD - Pakistan State Oil (PSO) is barely managing to ensure the smooth supply of fuel in the face of staggering receivables against different entities of over Rs 158 billion. "We are going through a tough time at the moment, finding it hard to ensure uninterrupted flow of fuel supply when entities in power sector and especially Pakistan Railways have adopted piece-meal approach in repaying our dues accumulated to Rs 900 million," the company's official told APP. The source hoped

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,

KARACHI - The cash strapped state oil marketing company, Pakistan State Oil (PSO), has received around Rs 28 billion from the Ministry of Finance against dues owed by Pakistan Electric Power Company (PEPCO) and Kot Addu Power Company (KAPCO). Given that the amount of circular debt has ballooned to Rs 168 billion, the finance ministry, as part of its effort to clear the circular debt, has made a payment of Rs 28 billion to the PSO on Wednesday, sources said.
However, PSO claims

KARACHI - The oil industry structure seems to have shifted in favour of small players, as PSO's overall market share stands at 65 percent in February, 2011, down from 71 percent in the same period last year. This decline was impelled by Furance Oil (FO), as PSO's market share in FO shrunk to 78 percent. Adjusted for FO - PSO's market share dwindled by a meager one percent to 54 percent, while comparably, Attock Petroleum Limited (APL) and Shell Pakistan gained market share in the

ISLAMABAD - The government has decided to release Rs 30 billion immediately to the cash strapped Pakistan State Oil, another Rs 30 billion would be paid by the end of current financial year.
The government has also directed the largest power sector defaulter, Pakistan Electric Power Company, to make arrangements for making payment of Rs 10 billion monthly to the company during the remaining four months of current fiscal year.
An official source informed that the decision

ISLAMABAD - The Pakistan State Oil (PSO) has bagged the 20th spot among the top 100 businesses of the Muslim world, published in the seventh Annual Dinar Standard survey. "It is an honour for our company to be ranked amongst the top 100 companies in the Muslim world and the honour has only added to expectations of continuing with the remarkable performance in future," company's MD Irfan Qureshi said.
Dinar Standard is a specialised research, advisory and business media firm

KARACHI/LAHORE - The cash strapped Pakistan State Oil (PSO) on Thursday refused to supply furnace oil to the power sector due to the non-payment of its dues of Rs 158 billion. PSO has decided to discontinue the fuel supply to power sector to avoid further defaults on part of the sector, sources said.
They said PSO took the decision after oil refineries threatened it with halting fuel supply, and the state-run oil marketing company is now in no position to continue supplies

KARACHI - Pakistan State Oil (PSO) has posted an after tax earnings of Rs 7.13 billion in 1HFY11 in comparison with Rs 5.08 billion in 1HFY10 which is the highest in last 34 years. The Board of Management convened on Wednesday at PSO House to review the company's performance over the first half of financial year 2010-11 (1HFY11).
Despite severe financial challenges posed by the ever burgeoning circular debt, PSO achieved record breaking results, and posted its highest half year

KARACHI - The financial cost of Pakistan State Oil (PSO) is expected to record a rise of nine percent in quarterly terms to Rs 3.25 billion in the second quarter FY11, mainly on account of rising trade payables, which witnessed a six percent in the quarter according to the latest financial data.
However, the company is expected to receive Rs 1.0 billion as interest incurred by Independent Power Producers (IPP) on overdue receivables. PSO is due to release its 1st Half of

KARACHI - The Pakistan State Oil (PSO) has warned the government that its Letter of Credit (LC) for oil imports would default if the government does not release Rs 40 billion immediately. The PSO management, through SOS letters, has requested the Ministry of Petroleum to immediately release Rs 40 billion for fresh import of petroleum products, as the oil marketing company has to pay at least Rs 16 billion to international suppliers.
According to sources in PSO, current

KARACHI - The reversal of turnover tax decision has significantly benefited Pakistan State Oil with a positive impact of Rs 21 per share on its bottom line. The turnover tax was increased to one percent, as announced in the budget of FY11, adversely affecting companies with a high turnover and relatively lower margins.
According to details, PSO booked additional tax expense amounting to Rs 5.0 per share, thereby lowering the profit to Rs 4.54 for the first quarter of financial

KARACHI - The Pakistan State Oil (PSO) has announced the restoration of oil supply to Pakistan Railways (PR) which, on Thursday, had only one day's oil reserve to operate the passenger trains service.
Sources said PSO stopped oil supply to PR, which owes the oil marketing company almost Rs 750 million, due to non-payment of the dues. The cash-strapped railways started crying for shortage of fuel after the stoppage of supply from PSO which, after the intervention of senior