KARACHI: Pakistan State Oil (PSO), the largest oil marketing company in the country, is on the verge of default as the company requires immediate release of funds worth Rs50 billion, Dispatch News Desk (DND) reported on Wednesday.
The sources said that various organization owe PSO a massive amount worth Rs160 billion of which Rs 54.2 3 billion is due from Wapda, Rs 64.6 billion from the Hub Power Company (Hubco), Rs 14.9 billion from Kot Addu Power Company (Kapco), Rs 1.20 billion from Pakistan International Airline (PIA), Rs 419 million from Oil and Gas Development Company Limited (OGDCL), Rs 9.2 billion from Karachi Electric Supply Company (KESC), Rs 573 million from National Logistic Cell (NLC), Rs 1.5 billion from Independent Power Plants (IPPs) and Rs 1.29 billion from Pakistan Railways.
Meanwhile, PSO has halted fuel supply to the Pakistan International Airlines (PIA) over non-payment of dues. The national airline is to pay dues of Rs1.20 billion rupees, due to this non-payment, fuel supply to PIA planes has been suspended, sources from PSO said.
DND
