PIA resumes some flights after partial payment to PSO

News Image

By MG News | October 26, 2023 at 10:02 AM GMT+05:00

0:00

October 26, 2023 (MLN): Pakistan International Airlines (PIA) has resumed some of the flights after making partial payments to Pakistan State Oil (PSX: PSO) for the supply of jet fuel.

PIA paid Rs60 million to PSO on Wednesday morning, which enabled the oil company to release fuel for eight flights.

Later in the evening, PIA paid another Rs70m to PSO, which agreed to provide fuel for nine flights on Thursday.

PIA has been facing a severe financial crisis due to its mounting debt. The national carrier has a substantial outstanding debt to PSO, which is a crucial factor in maintaining a steady supply of jet fuel for its operations.

According to sources, PSO supplied fuel worth Rs3.45 billion to PIA from October 1 to October 18, 2023.

However, PIA failed to settle its dues, which prompted PSO to suspend the fuel supply, which, in turn, resulted in the cancelation of several PIA flights.

To recall, on October 22, considering the financial health of the national flag carrier, the caretaker government constituted a committee to restructure the debt of Pakistan International Airline (PIA).

The committee will present a plan for restructuring/ re-profiling the existing debt stock of PIA and assess the exact financing requirements of PIACL for the period from October 2023 to March 2024 for optimal operations.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 127,853.88
217.11M
1.77%
2226.57
ALLSHR 79,594.27
628.90M
1.28%
1009.56
KSE30 38,926.95
78.69M
2.03%
773.16
KMI30 186,988.69
94.64M
1.14%
2102.19
KMIALLSHR 54,204.10
347.44M
0.82%
440.30
BKTi 32,914.98
37.29M
3.11%
993.30
OGTi 27,927.04
5.27M
0.55%
153.05
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 107,160.00 108,105.00
107,040.00
-1075.00
-0.99%
BRENT CRUDE 66.80 66.93
66.34
0.06
0.09%
RICHARDS BAY COAL MONTHLY 97.00 0.00
0.00
0.20
0.21%
ROTTERDAM COAL MONTHLY 107.65 0.00
0.00
0.40
0.37%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 65.15 65.27
64.67
0.04
0.06%
SUGAR #11 WORLD 16.19 16.74
16.14
-0.52
-3.11%

Chart of the Day


Latest News
July 01, 2025 at 12:51 PM GMT+05:00

VIS reaffirms entity ratings of Habib Bank Ltd


July 01, 2025 at 12:23 PM GMT+05:00

GCIL, MARI sign term sheet for gas processing project


July 01, 2025 at 12:13 PM GMT+05:00

VIS reaffirms entity ratings of National Bank Ltd


July 01, 2025 at 11:49 AM GMT+05:00

PSX enhances complaint management system



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg