Govt. releases PKR 5.0 billion to PSO for avert its default – Alfalah Securities Limited

Karachi, October 04, 2012 (PPI-OT): The govt. has released PKR 5.0 billion to Pakistan State Oil (PSO) which had requested PKR 17 billion to avert a default.

According to Alfalah Securities Limited, PSO would pay PKR 5.0 billion rupees to the Kuwait Petroleum Company (KPC) for supply of fuel. PSO has PKR 140.2 billion as payables and PKR 167.52 as receivables on its books. Hubco has PKR 67.4 billion outstanding dues payable to PSO followed by WAPDA with PKR 63 billion, KAPCO with PKR 9.54 billion, Karachi Electric Supply Company (KESC) with PKR 10.92 billion and Independent Power Plants (IPPs) with PKR 1.146 billion. PSO has long been facing the issue of default on payments, however, the government has continued to provide a breather to PSO when it critically faced payment requirement.