PSO’s Receivables Surge Above Rs. 755 Billion

The receivables of Pakistan State Oil have crossed Rs. 755 billion as of Sunday (October 15). The latest figures show that the country’s largest fuel supplier is facing a serious financial crunch. The PSO receivables from the Sui Northern Gas Supply Company (SNGPL) have surged to Rs. 478 billion, including roughly Rs. 115 billion in late payment surcharges and Rs. 361 billion in LNG supply dues. Overall receivables from various organizations stood at Rs. 754.51, with principal dues at Rs. 531.4 billion. The firm’s payables to international suppliers of oil products and LNG have exceeded Rs. 231 billion, while total payables stood at Rs. 292 billion with over Rs. 60 billion to local refineries. Also, Rs. 185 billion was outstanding against the power sector, including Rs. 151 billion to public sector firms and the Central Power Purchasing Agency. Hubco owed Rs. 29 billion and Kapco Rs. 5 billion. PSO’s payables on account of letters of credit and standby letters of credit to Kuwait Petroleum and Qatar Petroleum against petroleum and LNG imports are above Rs. 231.4 billion. Meanwhile, payables to refineries were Rs. 60 billion, including Rs. 32.4 billion owed to Parco.