ECC approves Rs50bn sovereign guarantee for PSO's LNG imports

By MG News | March 15, 2023 at 09:53 AM GMT+05:00

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March 15, 2023 (MLN): The Economic Coordination Committee (ECC) of the Cabinet on Tuesday allowed a sovereign guarantee in favor of Sui Northern Gas Pipelines Limited (SNGPL) for commercial borrowing of Rs50 billion on an immediate basis to enable Pakistan State Oil (PSO) to continue importing Liquefied Natural Gas (LNG) and meet the energy requirements of the country, the press statement issued by the Finance Division revealed.

PSO is importing 8-9 LNG cargos per month whereas as per the contracts with LNG suppliers, PSO is obliged to clear the invoices within the time frame.

The summary was tabled by the Ministry of Energy (Petroleum Division) and the decision is expected to help PSO remain afloat in its payment obligations to LNG suppliers and maintain the LNG supply chain.

The meeting was chaired by the Federal Minister for Finance and Revenue Senator Ishaq Dar.

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