ISLAMABAD; Pakistan State Oil (PSO) has deferred the award of a tender for over 1 million tonnes of fuel oil for March to June deliver until Friday because of fund constraints, a company spokesperson said on Tuesday.
"The tender was issued earlier this month...and we were to award the tender on Feb. 21, but we could not do it because of the current situation of the company," PSO spokesperson, Mariam Shah, told Reuters. "We have deferred it until Friday."
The tender had sought for up to 14 cargoes of 65,000 tonnes of high-sulphur fuel oil and another six parcels of 60,000 tonnes of low-sulphur fuel oil (LSFO), Shah said.
All the cargoes were for delivery to Karachi on a cost-and-freight (C&F) basis.
PSO was also seeking up to three jet fuel cargoes of 16,500 tonnes each, for March-April delivery, C&F.
Shah said power companies and the government owed Pakistan State Oil 158 billion rupees ($1.8 billion).
"The government has promised us that the Ministry of Water and Power will release 30 billion rupees? on account of the receivable that they have toward us," Shah said. ??? "We are waiting for this payment to come in. Once that payment comes in, then only we will be able to award the contract.
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