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ISLAMABAD: Pakistan State Oil's (PSO) receivables have touched Rs380.464 billion due to inefficient power and RLNG sectors.

This has also made the PSO unable to clear its payables under the head of letter of credit for import of oil and LNG amounting to Rs177,459 billion.

According to the daily data about receivables and payables position of the PSO as of October 20, 2021, the receivables of the entity have surged to Rs380.464 billion.

The power sector (Central Power Purchase Agency, HUBCO, and KAPCO) has to pay Rs192.532 billion.

However, the LNG sector has become the source of permanent headache for PSO and under this head, Sui Northern is required to pay Rs145.696 billion.

PSO announces highest-ever Rs29.1bn profit after tax

The PSO braves the loss of Rs6.089 billion in the import of LNG because of the exchange rate loss.

The Pakistan International Airlines (PIA) has so far failed to clear the PSO dues, which have jacked up to Rs21.945 billion.

In addition, the PSO is also required to be paid Rs9.282 billion under the head of price deferential claims from the government and Rs4.920 billion under the head of exchange rate differential on the foreign exchange loan.

Coming to the payables, the data unfolds that the PSO payables have soared to Rs177.459 billion because of the deteriorating cash flow situation on account of non-recovery of its dues amounting to over Rs374 billion.

The PSO's inability to clear its outstanding liabilities has been compromised, which is why its payables have increased to Rs148.366 billion under the head of letter of credits, with regard to payments to the KPC (Kuwait Petroleum Company) and a standby letter of credit for LNG imports.

The PSO has so far failed to pay Rs24.359 billion to five refineries, which are already running in huge losses.

It is required to pay to the PARCO (Pak-Arab Refinery Company) Rs12.557 billion, PRL (Pakistan Refinery Limited) Rs4.414 billion, NRL (National Refinery Limited) Rs2.469 billion, ARL (Attock Refinery Limited) Rs3.692 billion, and ENAR Rs1.227 billion.

PSO - winning at all fronts

Still PSO is to assert its dominance in the energy market as it outperforms the industry, demonstrating its resilience and strength despite the lingering impacts of the pandemic.

The market leader reported an all-time high net profit after tax of PKR 11.9 billion in the first quarter of fiscal year 2021-22 a growth of 133 percent compared to the same period last year.

The PSO's aggressive market penetration and growth strategy resulted in an increase in market share across its diverse portfolios, achieving substantial volumetric growth compared to the same period last year.

A cumulative volume growth of 22.4 percent in white oil and 40.5 percent in black oil was witnessed during the period.

The company's market share increased by 2.1 percent in white oil to 47.7 percent and by 8.0 percent in black oil to 64.5 percent.

The PSO continued to fast track infrastructural projects to gain operational efficiency and expand its business, adding 13 new outlets to the company's extensive retail footprint, while also working on rehabilitation and new storages.

Copyright Business Recorder, 2021

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