PSO may go ‘defaulter’

KARACHI: Pakistan State Oil (PSO) has been feared to go defaulter as financial crisis has swelled owing to non-payment of dues, meanwhile, the dues of Kuwait Petroleum may not be possibly paid on time if the company’s dues owed by other government companies are delayed, Geo News reported Monday.

According to sources, by dint of non-payment of dues owed by government companies, the PSO has reached on the verge of being ‘defaulter’.

Also, sources informed Geo News that in a bid to resolve the financial crisis, PSO officials wrote a many letters to ministry of Water and Electricity and other government departments some days ago but all efforts have so far fallen flat.

PSO spokesman said that Wapda, KECPCO and other oil refineries owe PSO 151 billion rupees whereas PSO has to pay off Kuwait Petroleum 47 billion rupees by the end of this week.

He feared that the company might go defaulter if the payments were not made by the end of running week.