PSO receives Rs20b from energy companies

Amount is part-payment of the total promised by government.


Express March 08, 2011

KARACHI:


Pakistan State Oil (PSO) received payments worth Rs20 billion against outstanding dues from the energy sector on Tuesday.


Company records available with The Express Tribune confirm that Rs15 billion has been received from the Water and Power Development Authority (Wapda), while another Rs5 billion has been received from Kot Addu Power Company (Kapco).

The payment came 15 days after the federal finance ministry assured the oil marketing giant that Rs30 billion would be released to ease the burden of inter-corporate debt in the energy sector.

On Friday last week, the finance ministry released Rs30 billion to the Pakistan Electric Power Company (Pepco) as settlement of outstanding dues owed by the Karachi Electric Supply Company (KESC). In turn, Pepco has partly cleared outstanding dues of Wapda to PSO.

A PSO spokesperson affirmed that another payment of about Rs10 billion is expected shortly. The company’s total receivables stood at Rs149.188 billion on Tuesday, after the receipt of payments from Wapda and Kapco.

Hub Power Company currently owes Rs72 billion to the oil marketing company, while PSO in turn, has to pay Rs151.527 billion to local refineries for fuel purchases.

Published in The Express Tribune, March 9th, 2011.

COMMENTS (1)

Habibullah Shaikh | 13 years ago | Reply It is a good thing, that as assured by the Finance Ministry, the PSO has received his part payment, but the government should take proper measures to control the receipt / payment structure between the PSO and IPPs. This always happens, the outstanding dues increases too much and then government interferes and resolves the matter.
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