Corporate Debt: PSO receives Rs90b

KARACHI: The Pakistan State Oil has announced that it has received Rs60 billion from Hub Power Company and Rs29.1 billion from Kot Addu Power Company in payments for supply of furnace oil, easing pressure from the largest oil supplier of the country.

A PSO official said that before this payment the company’s receivables from energy companies had swelled to Rs176 billion, which had caused difficulties in smooth operations of the company and hampered payments to international oil suppliers and refineries.

A day ago, a Planning Commission official disclosed that the government would clear a major part of the inter-corporate debt, estimated at over Rs200 billion, next week.

The corporate debt problem has affected efficiency of refineries as well, causing disruption in oil supply to power plants.



Published in The Express Tribune, May 4^th, 2011.