PSO receivables snowballed to Rs750 billion 

Pakistan State Oil (PSO) receivables against different state-owned entities has shot up to Rs750 billion during the current fiscal year, reported 24NewsHD TV channel on Wednesday.

According to PSO sources, payment of Rs573 billion is outstanding which was occurred during import of Liquefied Natural Gas (LNG).  

An amount of Rs537 billion is outstanding against Sui Northern Gas Pipelines Company Limited (SNGPL). The amount was spent on import of LNG.

Rs68 billion is outstanding against power sector company Kot Addu Power Company Limited (KAPCO).

The sources said that the PSO receivables ballooned to Rs59.74 billion due to different in exchange rate.

Sources further revealed that PSO demanded Rs50 billion from different ministries as rise in circular debt already effecting profit of PSO.

SNGPL is among top organization which is liable to pay huge amount to PSO under the head of import of LNG.

According to a revenue report, now government is trying to recover this amount through Independent Power Producers (IPPs) task force.

The revenue report stated that circular debt is a major problem for Pakistan State Oil while SNGPL is liable to pay outstanding amount worth of billions of rupees to PSO.

Reporter: Ashraf Khan