PSO needs Rs50 billion to avert default

KARACHI: Pakistan State Oil Company (PSO) urgently needs Rs50 billion for paying the outstanding amounts of international suppliers, Sources said that PSO needs this amount latest by 15/16 of the current month, as its total outstanding amounts were as high as of Rs90 billion out of which Rs50 billion was required urgently for averting default. Additional secretary, ministry of petroleum in a memo to the ministry of water and power hat termed this situation alarming. On the other hand, PSO recoveries from the power sector companies and the government have swelled up to Rs174 billion. In this backdrop, the company has demanded from the government immediate payment of Rs50 billion.