,<br />
<br />
de49dea06d44:
hello tanu I'm BRAInly moderater so I waana ask have you verified your number with brainly?
if not then please
account suspension process is running
Answers
Answered by
0
ISLAMABAD: Pakistan State Oil (PSO) has sought Rs 65 billion from Power Division to release its choked credit line and ensure furnace oil supplies to the power sector, well-informed sources told Business Recorder.
This demand was made by PSO at a recent meeting with the officials of Ministry of Energy (Power Division).
PSO, sources said, has claimed that it has supplied fuel oil to the power sector of the value of around Rs.58.5 billion from May-July 2018, in line with the directives of MoE (Power Division). However, despite assurances, PSO did not receive corresponding payments for the supplies made and was allocated only Rs.17.8 billion from the regular Pakistan Electric Power Company (PEPCO) allocations during this time, resulting in around Rs.40.6 billion deficit, adding up to PSO ‘s already burgeoning debt against power sector customers.
Additionally, PSO has Rs.14.7 billion overdue against LNG supplies to SNGPL as of August 13, 2018, adding up to around Rs.55 billion total against the power sector/SNGPL.
“We have already utilized Foreign Exchange (FE-25) loans and local borrowing lines of Rs.79 billion ($ 635 million) and Rs. 47 billion, respectively. Our remaining borrowing lines will be fully utilized by the end of August 2008,” the sources continued. PSO maintains that as communicated earlier through a letter of August 1, 2018, it is in serious financial crunch due to continuous non-payment by Hub Power Company (Hubco), Kot Addu Power Company (Kapco) and Generation Companies (GENCO ) and non-payments to PSO will result in international default and disruption of whole supply chain of petroleum products in the country.
This demand was made by PSO at a recent meeting with the officials of Ministry of Energy (Power Division).
PSO, sources said, has claimed that it has supplied fuel oil to the power sector of the value of around Rs.58.5 billion from May-July 2018, in line with the directives of MoE (Power Division). However, despite assurances, PSO did not receive corresponding payments for the supplies made and was allocated only Rs.17.8 billion from the regular Pakistan Electric Power Company (PEPCO) allocations during this time, resulting in around Rs.40.6 billion deficit, adding up to PSO ‘s already burgeoning debt against power sector customers.
Additionally, PSO has Rs.14.7 billion overdue against LNG supplies to SNGPL as of August 13, 2018, adding up to around Rs.55 billion total against the power sector/SNGPL.
“We have already utilized Foreign Exchange (FE-25) loans and local borrowing lines of Rs.79 billion ($ 635 million) and Rs. 47 billion, respectively. Our remaining borrowing lines will be fully utilized by the end of August 2008,” the sources continued. PSO maintains that as communicated earlier through a letter of August 1, 2018, it is in serious financial crunch due to continuous non-payment by Hub Power Company (Hubco), Kot Addu Power Company (Kapco) and Generation Companies (GENCO ) and non-payments to PSO will result in international default and disruption of whole supply chain of petroleum products in the country.
Similar questions