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ISLAMABAD: Faced with serious financial constraints, Pakistan State Oil (PSO) has repeatedly approached the federal government for getting Rs583 billion receivables cleared against Sui Northern Gas Pipelines Limited (SNGPL), GENCOs and Pakistan International Airlines (PIA).

The receivables of PSO stood at Rs583.2 billion as on September 21, 2022. The delay in the clearance of PSO’s dues has worsened the financial health of the PSO. If the government does not release funds to clear PSO dues, the PSO may not be able to meet its obligation to suppliers, said sources.

PSO eyes building $500mn LNG terminal near Karachi: report

Sharing details of the PSO’s receivables position, the sources said that the SNGPL has become the top defaulter of PSO as it (the SNGPL) is required to pay Rs347 billion, while the second biggest defaulter is the power sector which owes Rs179.4 billion.

As per details, GENCOs are required to pay Rs148.3 billion, the Hub Power Company (Hubco) is to pay Rs24.8 billion, and the Kot Addu Power Company (Kapco) is to pay Rs6.2 billion.

Similarly, PIA has emerged as the third biggest defaulter that owes Rs23.5 billion.

The government is to pay Price Differential Claims (PDC) amounting to Rs8.934 billion for the period 1996-2014 and Rs24.2 billion under the head of exchange rate differential on the FE 25 loan. Pakistan State Oil Company Limited declared massive growth in net annual profit of 224 per cent to Rs95.72 billion for the year ended June 30, 2022.

Copyright Business Recorder, 2022

Comments

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Rebirth Sep 23, 2022 09:40am
The said companies should simply give PSO a stake in return for having their accounts cleared. Seeing PSO’s unprecedented profits, it’s clear that these cash-strapped state-owned enterprises and those where the government has a minor stake like the PIA, could benefit from PSO’s partial ownership. Extra cash, guaranteed energy supply to its own subsidiaries and management expertise from the PSO, since they’re earning a lot, will be mutually profitable for all parties involved.
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Usman Sep 23, 2022 02:06pm
Private all these State Owned Enterprises " It's Not Goverment Business to be in Business"
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