ISLAMABAD: Pakistan State Oil (PSO) is facing a severe financial crisis, with total receivables reaching Rs. 800 billion.
The company’s profitability has been heavily impacted, primarily due to large amounts owed by Sui Northern Gas Pipelines Limited (SNGPL), which owes Pakistan State Oil Rs. 515.28 billion. Additionally, Hub Power Company Limited (Hubco) is responsible for Rs. 14.80 billion in payments to Pakistan State Oil.
Sources indicate that the energy sector owes Pakistan State Oil Rs. 189 billion, while Pakistan International Airlines (PIA) owes Rs. 29.25 billion.
PSO also has outstanding payments to local refineries for imported petroleum products.
Furthermore, the company has requested Rs—50 billion from various ministries. In September, it was reported that the import bill for re-gasified liquefied natural gas (RLNG) exceeded Rs. 506 billion.
SNGPL owes PSO Rs. 506 billion for LNG supplies, and the power sector’s dues have crossed Rs. 186 billion, compounding PSO’s financial challenges. The depreciation of the rupee has added a
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