Just a week ago, Ministry of Petroleum and Natural Resources, in a letter to recently elected Prime Minister Raja Pervaiz Ashraf, has immediately sought grant of Rs 1,200 Crore on daily basis to save cash-starved Pakistan State Oil (PSO) from bankruptcy.
It was also learn that owing to the bankruptcy of the PSO, the supply of furnace oil to the power sector would witness a decrease by notable margin, which would also cause a decline in the power generation by 5,000MW.
According to different market sources, ministry of petroleum took up this issue with energy committee chaired by the prime minister himself.
Current Financials of PSO
Receivables of PSO, mainly from the power companies are standing at Rs 237 billion while the company has to pay back Rs179 billion to its international and local suppliers.
Its worth mentioning here that PSO needs immediate release of Rs23.5 billion to retire letters of credit on Friday to ensure supply of 28,000 tons of oil per day to the power sector as directed by the Prime Minister, Raja Pervez Ashraf.
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