Byco clarification

This refers to the news item "PPL being forced to continue supply to Bosicor" by Zafar Bhutta carried by Business Recorder on January 11, 2011. At the outset, we would like to express our disappointment on the abovementioned news item, which was published out of context and without any due consideration of the facts of the matter. If we were contacted prior to the publication of the said news item, we would have given Bhutta the true picture of the matter.
In our letter to the Secretary, Petroleum, referring the real cause as the very well known "circular debt", we requested him to intervene for stopping initiation of a chain reaction. We requested the Secretary to instruct PSO to pay our dues of over Rs 6 billion within five working days enabling us to pay our dues to PPL. We also requested the Secretary to ask the PPL to withdraw its legal notice in writing failing which we shall be constrained to take legal action against PSO and respond to the PPL accordingly. In response to our letter, the MP&NR wrote to the PPL MD, drawing his attention towards the real cause as circular debt, it further said that it is not advisable for the PPL to issue legal notices when the matter is to be resolved by the Federal government.
Our position in this regard is clear that both PPL and PSO are public sector organisations and both of these fully understand the issue of circular debt. Like the PPL to us, PSO owes a huge amount and in case the PPL takes a legal action, then we would also have to opt for a legal recourse against PSO so that we are able to clear dues of the PPL.
None of the letters/documents exchanged among the PPL, Byco and the ministry had mentioned anything of the sort, implicitly or explicitly, which the abovementioned news item had reflected on completely baseless grounds. I hope the above provides you the exact and true picture of the matter. We would now expect that Business Recorder will clarify minds of its readers by publishing the facts of the matter as soon as possible.