February 01, 2023 (MLN): Pakistan’s leading oil marketing company, Pakistan State Oil (PSO) receivables have surpassed the Rs 700 billion mark for the first time while various companies owe a total of Rs711bn to PSO.
At present, the total circular debt in the energy sector clocked in at Rs4,200bn.
Sui Northern Gas is the largest company that has failed to pay PSO in a timely manner, with their outstanding debt reaching a staggering Rs442bn. The bill includes actual outstanding amount of Rs378bn and an additional Rs64bn as late payment surcharge.
Furthermore, Power Generation companies has to pay Rs148bn, and Hub Power Company Limited (HUBCO) liability reaches to Rs25.3bn.
In addition, Pakistan International Airlines (PIAC) total debt against LNG import from PSO clocked in at Rs24.5bn.
This new development in PSO's receivables is a significant milestone for the company and highlights the importance of timely payment by various organizations.
PSO is committed to ensuring that its customers receive the best quality of products and services, and the company's strong financial position will help it to achieve this goal.
