PSO receivables reach Rs146 billion

ISLAMABAD: The Pakistan State Oil (PSO) has received payments of Rs293 billion against supplies amounting to Rs308 billion, which were made to different power sector entities during last 16 months.

The government is making all out efforts to avoid further accumulation of the PSO receivables which are around Rs146 billion, sources in the Ministry of Petroleum and Natural Resources told APP on Wednesday.

They informed that the balance of circular debt which stood at Rs181 billion at the start of January 2015 had been reduced to Rs146 billion after the government injected Rs40 billion on behalf of the power sector entities.

Commenting on the PSO receivables sources said in addition to the outstanding amount, the PSO had the price differential claims of Rs9.6 billion against the government and late payment charges claims of Rs55.5 billion against WAPDA, HUBCO and KAPCO.

The sources said WAPDA, PEPCO owed Rs104.30 billion, HUBCO Rs39.5 billion, KAPCO Rs2.4 billion and Saba Power Southern Electric Rs0.4 billion.

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