Circular debt in gas sector reaches Rs1,500 billion, says Miftah Ismail

MG News | April 21, 2022 at 08:47 AM GMT+05:00

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April 21, 2022 (MLN): The circular debt in the gas sector has reached Rs1500 billion, including a loss of Rs200 billion in Sui Northern Gas Pipeline Limited (SNGPL), said Miftah Ismail, Federal Minister for Finance.

In his tweet, he said, “The circular debt in the gas sector left by PTI is Rs1500 billion. Let me repeat: Rs 1500 billion. This includes a loss of Rs 200 billion (or 20,000 crores) in SNGPL. (Before I came in govt I thought the gas circular debt was “only” Rs700 billion).”

Responding to his tweet, Hammad Azhar, former Energy Minister said that PMLN signed LNG contracts but declared it in law as petroleum product (not Gas). This prevented Sui Companies from collecting the full cost of LNG from customers and added to gas circular debt.

PTI fixed the problem by passing a politically difficult WACOG bill, he added.

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