KARACHI, Feb 26: The Pakistan State Oil (PSO) did not get Rs30 billion this week despite firm assurances
by the finance ministry in its meeting with the state-run oil marketing company and relevant ministries on
Feb 21.
Sources in the oil industry said that the finance ministry after getting prime minister’s approval released
Rs30 billion to the ministry of water and power on Saturday for making payment to the PSO, but a PSO
spokesperson said that the company did not receive payment on Saturday and the matter is with the Water
and Power Ministry which is likely to resolve the issue by Feb 28. He said the PSO had earlier deferred
import of various POL products — furnace oil and jet fuel — for March-April 2011 period in view of its
critical financial situation. It awarded the tender on Friday night to avoid any product shortage.
The PSO spokesperson said major consumers of POL products, such as Wapda, Hubco, Kapco, PIA, KESC,
OGDC, owe PSO a cumulative sum of Rs161 billion as on Feb 24 as compared to Rs158.4 billion last week
which also included price differential claims.
The PSO, has, however, to make payment of almost Rs91 billion to various refineries, including Parco,
PRL, NRL, ARL, Byco as compared to Rs85 billion last week.
PSO also needs to clear LC payments to the Kuwait Petroleum Company (KPC) and the International Fuel
Oil Suppliers. As on Feb 24, receivables from Wapda, Hubco, Kapco, PIA, OGDC and KESC stood at Rs49
billion, Rs69.3 billion, Rs28.3 billion, Rs1.17 billion, Rs310 million and Rs1.52 billion, respectively.
PSO has to pay Rs31.5 billion to Parco, Rs11.5 billion to PRL, Rs9.3 billion to NRL, Rs33.5 billion to ARL
and Rs4.7 billion to Byco.
