Oil ministry asked to control circular debt


May 24, 2010

KARACHI: Senator Jehangir Badar has called upon the Ministry of Petroleum and Natural Resources to control the circular debt so that the energy crisis could be overcome.

A meeting of the sub-committee of the Senate Standing Committee on Petroleum and Natural Resources was held at the Pakistan State Oil (PSO) head office here on Monday. It was chaired by Senator Jehangir Badar, who was also the convener of the committee. An official said that issues pertaining to the circular debt of around Rs280 billion and matters pertaining to receivables and payables of PSO were discussed. He said that the senator stressed that the provinces should pay their dues and liabilities so that the circular debt issue could be settled at the earliest.

He called for financial discipline at private oil companies and directed the petroleum and natural resources ministry to check the receivables and payables of the oil companies and scrutinise their investments. Those who also attended the meeting were Senator Sabir Shah, Senator Haroon Akhtar, Senator Ismail Buledi, Managing Director PSO Irfan Qureshi and Additional Secretary Ministry of Petroleum Ejaz Chaudhry.

Published in the Express Tribune, May 25th, 2010.

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