Apropos news story titled "Pepco officials face health problems due to constant stress" by Hamid Waleed appearing in August 8, 2011 edition of Business Recorder, Pakistan State Oil (PSO) strongly denies the allegations made by Pepco officials and states that it has supplied approximately 2.9 million MTs of product worth Rs 207.7 billion to Wapda, Kapco and Hubco since January 2011 whereas they have made payments of only Rs 95.3 billion against the supplies made.
As of date, PSO's aggregate receivables are standing at an overwhelming Rs 137.2 billion and total outstanding receivables from Hubco, Kapco and Wapda stand at Rs 114.8 billion. On July 1st 2011, the opening receivables balance from Hubco, Kapco and Wapda was Rs 107 billion. In addition to this accumulated balance, PSO supplied 421,510 MTs of fuel worth Rs 30.8 billion in July only to the three mentioned power entities. Despite liquidity concerns PSO has been providing uninterrupted supplies to Wapda.
The recent payments received from Hubco, Kapco and Wapda are that of only Rs 30.3 billion. Therefore, Pepco's claim that it has released a payment of Rs 400 billion in the recent past is incorrect and misleading. Till date, PSO has never received such an amount from any player of the power sector.
In regards to the unfounded claim made by Pepco that the Lalpir power generation plant has closed due to a short supply of fuel, PSO clarifies that as per our fuel supply agreement with AES Lalpir and AES Pak Gen these entities are required to make advance payments before the requisite product is supplied to them.
Since July 1st till date, PSO has received payments of Rs 7.7 billion from the plant in question and has accordingly supplied 120,083 MTs of furnace oil against this payment during the stated period. PSO as the industry leader in the energy sector is committed to responsibly meet the energy needs of the country despite facing payments issues from power sector. The company would urge the Pepco officials to be more thorough and responsible in issuing unsubstantiated statements to malign the corporate reputation of the company.-PR
Comments
Comments are closed for this article.