Govt decides to release Rs30bn to PSO this week

MG News | January 17, 2024 at 11:02 AM GMT+05:00

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January 17, 2024 (MLN): The Ministry of Finance will release an amount of Rs30 billion to Pakistan State Oil Company Limited (PSX: PSO) during this week, according to sources.

Sui Northern Gas Pipelines Limited (PSX: SNGP) is set to receive an amount of Rs5 billion to make payments to the oil giant.

Meanwhile, the remaining Rs25bn in subsidies earmarked for domestic consumers and fertilizer plants will also be released this week.

Accordingly, SNGP will pay PSO an amount of Rs30bn on an immediate basis.

The sources further informed that the subsidy to household consumers and fertilizer plants is included in the budget allocation.

Moreover, the federal cabinet is set to decide next week on granting two power plants to PSO, aiming to reduce revolving debt. Once approved, the controlling stake of both power plants will be transferred to PSO.

This development is expected to slash the circular debt in the gas sector by approximately Rs100bn and a total of Rs130bn would be reduced from PSO's outstanding dues.

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