ISLAMABAD, Feb 18 (TNS): Pakistan State Oil’s receivables have augmented to all-time high of Rs334 billion as state-owned company continues to cope with financial difficulties in the wake of non-payments.
Insiders of the liquidity front have told our correspondent that only power sector owes a mammoth Rs285 bn whereas debt liabilities of Hub Power Company stands at whopping Rs85 bn. Likewise, Korea Electric Power Corporation has not yet released payments worth Rs43 bn.
On the other hand, state-owned conglomerate Pakistan International Airlines is in debt of Rs16 bn.
Owing to non-payments, the state-owned oil giant is facing immense difficulties in making payments to other companies. At present, PSO has to make payments worth Rs84 bn to refineries for purchasing oil and gas.
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