ISLAMABAD: State-claimed Pakistan State Oil’s (PSO) liquidity emergency has plunged to an unsurpassed high with a phenomenal climb in its receivables to Rs621.168 billion and payables to Rs268.5 billion, The News detailed Monday.
The circumstance has brought about the organization being not able to offload its liabilities with respect to letters of credit (LCs) adding up to Rs218.5 billion for the import of heater oil and LNG.
The stressing liquidity emergency has essentially endangered the LNG supply for the colder time of year season as the receivables and payables of PSO have increased to Rs890 billion, a senior authority at the Service of Energy told The News.
As indicated by the receivables and payables position of PSO as of November 9, accessible with the distribution, the non-installment of a mammoth measure of Rs400.258 billion by Sui Northern Gas Pipelines Limited (SNGPL) under the head of LNG imports has arisen as the significant cerebral pain for PSO.
The SNGPL has up until this point committed a default of Rs393.5 billion towards PSO. The utility additionally owes PSO Rs6.758 billion in the head of swapping scale misfortune.
The authority said the demolishing liquidity circumstance of PSO and non-installment of levy from SNGPL has seriously endangered the LNG supply.
In the mean time, as per the authority, PSO scared the Petrol Division on November 11 that its getting limit has previously arrived at the greatest level and assuming the circumstance proceeds unabated, it can not further acquire the funds to keep up with the LNG supply in future.
The authority likewise revealed that PSO believes the mediation of the Petrol Division should hold the receivables from SNGPL in line and with this impact an execution of the installment plan as was before concurred with SNGPL should be met in letter and soul.
This is fundamental with the goal that the predictable subsidizing hole throughout the colder time of year season is connected to guarantee a continuous stock of LNG and other oil based commodities in the country.
PSO has, he said, proposed that a substantial arrangement is contrived for the settlement of existing receivables from Sui Northern and to stop future receivables gathering.
Details show that the power sector continues to be a defaulter of Rs176 billion of PSO. GENCOs (Electric Power Generation Companies) and CPPA (Central Power Purchase Agency) owe Rs146.877 billion whereas HUBCO Rs24.737 billion and KAPCO Rs5.932 billion.
Public banner transporter Pakistan Global Carriers has likewise so far neglected to pay Rs23.750 billion to PSO. Nonetheless, in the head of cost differential cases from the Public authority of Pakistan, PSO is required to have been paid Rs8.934 billion.
Furthermore, in the top of the conversion scale differential on the FE 25 advance, PSO is additionally expected to be paid Rs10.680 billion.
Coming to the payables situation, the data shows that PSO is also required to pay the amount of Rs50 billion to refineries, which includes Rs26.641 billion to PARCO (Pak-Arab Refinery), Rs9.783 billion to PRL (Pakistan Refinery Limited), Rs4.401 billion to NRL (National Refinery Limited), Rs8.309 billion to ARL (Attock Refinery Limited) and Rs866 million to ENAR.
The information shows that PSO’s liabilities concerning LCs installments to KPC (Kuwait Oil Organization) and LNG installments to Qatar have flooded to Rs218.5 billion and this is the means by which the all out payables have soar to Rs268.5 billion.
