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Inability to supply oil to PSO: Finance takes notice of Attock Group attitude
 admin May 3, 2010, 03:46:53 AM 

ISLAMABAD (June 25 2009): The Finance Ministry has taken serious notice of threatening posture of Attock Oil Refinery Group, that shows its inability every now and then to supply fuel to Pakistan State Oil (PSO) if there is slight delay in payment of dues. Sources in Finance Ministry told Business Recorder that Attock Group is itself a big defaulter of Oil and Gas Development Company Limited (OGDC) and government holdings. Attock Group is to pay Rs 23.192 billion dues to OGDC and government holdings for the supply of crude oil to the group. Sources said that PSO is to pay Rs 17.246 billion to Attock Group but it threatens to PSO to stop the fuel supply despite itself being a defaulter of hand some amount of money to be paid to other entities. PSO is itself feeling severe financial crunch as different clients including power sector have to pay it outstanding amount of Rs 83 billion. Now finance ministry has taken serious notice of Attock Group attitude especially in case of PSO and is going to direct the group to pay the outstanding to OGDC and government holdings that can help in creating some liquidity balance between Attock group and PSO for clearance of dues, sources said. After receiving the dues from Attock Group, government, in return, can pay the PSO dues to Attock group, sources added. They said that despite being a big defaulter, OGDC had not stopped crude oil supply to Attock group but it is threatening PSO frequently of suspending fuel supply in case of non-payment. The government also plans to inject some cash in the system in the first quarter of the next fiscal to improve the financial health of power sector by raising power tariff and ,sources hoped, adding that reduction in subsidies on electricity from July are likely to improve financial health of power sector. PSO, a state run oil marketing company, had requested government to make immediate release of Rs 50 billion to ease its financial squeeze for continued fuel supply in the country. Earlier, PSO management had requested the Petroleum and other concerned ministries for immediate release of Rs 30 billion, but it was not entertained due to reluctance of Finance Ministry. Parco has also sent SOS letter to Petroleum Ministry in which it said that its dues against PSO had exceeded Rs 30 billion and it had no money to place orders for the import of crude oil. Parco has also informed that it would resort to complete shut down within 45 days if money was not arranged from any source. "If Parco once moved to complete shutdown, it will take three months to resume operations, Parco management informed government.

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