Pakistan State Oil (PSO) faces an ongoing challenge as its receivables surpass the unprecedented Rs800 billion mark, attributed to delayed payments from clients. The company’s debt has escalated notably since its foray into the liquefied natural gas (LNG) market.
The surge in receivables began with PSO’s involvement in the LNG market, particularly with a public gas utility, which owes Rs519 billion for imported LNG supplies.
Despite a recent significant increase of up to 139% in gas prices by the caretaker government, aimed at addressing circular debt, the debt continues to rise, especially due to heightened demand for LNG during the winter season.
Under a government-to-government (G2G) arrangement with Qatar Petroleum, PSO entered into an agreement for LNG imports, adding to the financial burden. Currently, PSO is grappling with the task of recovering Rs802 billion from its clients, a substantial increase from Rs362 billion in August 2021.
Among the major defaulters are power generation companies, with total outstanding payments of Rs150.8 billion. Hubco owes Rs29.5 billion, while Kapco has liabilities amounting to Rs5 billion. Pakistan International Airlines (PIA) is another significant defaulter, accumulating Rs27.9 billion in unpaid dues for jet fuel supplied by PSO.
In addition to outstanding client payments, PSO is awaiting the recovery of Rs8.9 billion from the government, attributed to price differential claims. The accumulating receivables are now impacting the company’s ability to settle its dues with oil refineries, resulting in payables rising to alarming levels.
PSO’s outstanding payments to refineries include Rs26.6 billion to Pak-Arab Refinery Company (Parco), Rs8.4 billion to Pakistan Refinery Limited, Rs4.1 billion to National Refinery Limited, Rs6.9 billion to Attock Refinery Limited, Rs1.7 million to Byco, and Rs1 billion to Enar.
As the country’s largest oil importer, PSO holds agreements with Kuwait Petroleum, with an outstanding payment of Rs104 billion for Letters of Credit opened for oil and LNG imports.
Despite these financial challenges, PSO’s financial results demonstrate resilience and strength across its diverse portfolio amid a challenging economic environment and ongoing pandemic impacts.
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The oil marketing company’s debt has started ballooning since entering the liquefied natural gas (LNG) market. A public gas utility to which PSO supplies imported LNG owes Rs519 billion. Last month, the caretaker government made a massive increase of up to 139% in gas prices with claims it had frozen the circular debt. But the debt is still rising because of LNG supplies, the demand for which surges in winter.
The soaring receivables of PSO, surpassing the Rs800 billion mark, pose a significant challenge. This financial concern prompts a reevaluation of strategies to address the issue and ensure sustainable operations. The keyword “menu price in Argentina” seems unrelated to the context. If you have a specific question or topic related to menu prices in Argentina, please provide more details, and I’ll be happy to assist.
I have specific details about the situation you mentioned regarding PSO (Pakistan State Oil) grappling with escalating receivables crossing the Rs800 billion mark. However, I can provide you with some general information.
Pakistan State Oil is a major oil marketing company in Pakistan. Receivables refer to the money owed to a company by its customers or clients. If PSO is facing challenges with escalating receivables, it could indicate issues with customers not paying their bills on time, economic challenges, or other financial difficulties.
I have specific information about the current financial status or details regarding receivables of the Pakistan State Oil (PSO). Financial situations of organizations can change, and it’s recommended to check the latest financial reports, news, or official statements for the most up-to-date information.
If PSO is grappling with escalating receivables and has crossed the Rs800 billion mark, this could indicate challenges related to outstanding payments from customers or clients. It’s common for organizations, including state-owned entities, to face issues with receivables, which can impact their cash flow and financial health.
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I have specific details about the current situation mentioned in your statement regarding PSO (Pakistan State Oil) grappling with escalating receivables crossing the Rs800 billion mark. If this information is recent, it suggests that PSO is facing challenges with unpaid receivables.
To get the latest and more detailed information on this matter, I recommend checking recent news articles, press releases, or financial reports from reliable sources such as business news websites, official statements from PSO, or reports from financial institutions. These sources can provide up-to-date and accurate information about the specific challenges and measures being taken by PSO in response to the situation.
Keep in mind that financial situations and news can change rapidly, so it’s important to refer to the latest and most authoritative sources for the current status of PSO’s receivables and any relevant developments.
PSO is the state-owned oil and gas company in Pakistan, and issues related to receivables can arise due to various factors such as delayed payments from customers, economic challenges, or other financial difficulties.
To get the latest and most accurate information on this matter, I recommend checking recent news sources, official statements from PSO or relevant government agencies, and financial reports. News articles, press releases, or official announcements from reputable sources will provide you with the most up-to-date information on the situation.
I don’t have specific information about the context or details of the statement “PSO grapples with escalating receivables, crossing Rs800bn mark.” PSO could refer to Pakistan State Oil, a major oil and gas company in Pakistan.
If there have been developments or financial challenges faced by PSO after my last update, I recommend checking the latest news sources, financial reports, or official statements from PSO or relevant authorities for the most recent and accurate information on the situation. News articles, financial statements, or press releases should provide more insights into the specific challenges and measures being taken by PSO in dealing with receivables.