Petroleum Division seeks emergency package to avert oil, gas crisis
ISLAMABAD (92 News) - Seven state-owned oil and gas companies are facing financial crisis due to revolving loans and the Petroleum Division has demanded an emergency package to avert the oil and gas crisis.
According to the documents, the liabilities of seven state-owned companies including PSO have exceeded Rs1,600 billion, while PSO's liabilities have increased over Rs323 billion and OGDCL's liabilities have exceeded Rs401 billion. However, PPL's liabilities has increased Rs371 billion.
The documents also stated that the dues of Sui Northern have gone up to Rs54 billion, Sui Southern to Rs293 billion, PLL to Rs 39 billion and GHPL to Rs113 billion.
It is pertinent to mention here that if the process of payments do not start, the worst petrol crisis will be created.