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Gas utilities, OMCs, refineries owe Rs49bn to OGDC
 admin May 3, 2010, 05:09:49 AM 

ISLAMABAD: State-run oil and gas exploration giant OGDCL has receivables amounting to Rs49.41 billion against gas utilities, oil marketing companies and oil refineries, said an official document of the finance ministry available with The News on Thursday. The receivables include principal amounts as well as late payment surcharge against public sector companies whereas its payables to these companies are Rs844 million only, the document added. According to a report, the circular debt was around Rs250 billion till the end of June 2009, payable to generation companies (GENCOs), independent power producers (IPPs), Oil Marketing Companies (OMCs) and oil refineries. The circular debt keeps fluctuating with payments made to one another. However, the public sector power companies have outstanding liabilities of Rs142 billion as of March 31, 2009, which later swelled to over Rs250 billion. The Ministry of Finance, the document further said, is collecting outstanding dues of various public sector companies to clear the circular debt of over Rs250 billion. The Oil and Gas Development Company’s (OGDCL) receivables against the Sui Northern Gas Pipelines Limited (SNGPL) stand at Rs6.1 billion, Sui Southern Gas Company (SSGC) Rs10.212bn and Pakistan State Oil (PSO) owes Rs30m to OGDCL. Attock Refinery Limited (ARL) owes Rs12.58bn to OGDCL, National Refinery (NRL) Rs8.1bn, Pakistan Refinery (PRL) Rs3.15bn, Pak Arab Refinery (PARCO) Rs252m, ENAR Petrotech Rs139m, WAPDA Rs20m, UPL Rs1.57bn, BPL Rs1.76bn and Pir Koh Company owes Rs606m, the document said. Under the head of late payment surcharge, the OGDCL has receivables of Rs2.61bn against SSGC, Rs359m against SNGPL, Rs92m against UPL, Rs1.12bn against ARL, Rs314m against NRL, Rs101m against PRL, Rs230m against PARCO and Rs50m against BPL, it added. Similarly, the company’s payables to these public companies include Rs212m to PSO, Rs2m to ENAR, Rs102m to GHPL and Rs526 million to the Government of Pakistan in shape of dividends, said the document. In a commitment with the ADB, the government has also established a debt holding company by June 30, 2009 to assume the debt liabilities of public power companies, which will in turn strengthen the financial position of these companies. Whether it is generation companies (GENCOs), IPPs, OMCs or oil refineries, all are facing a serious financial crunch due to non-payment to each other, which ultimately is hurting the operation of these utilities. The receivables of BPL from PSOCL are over Rs6 billion while the PARCO’s receivables from PSO also have reached over Rs32 billion and short term borrowing from banks to meet the liquidity crunch has already been over Rs36 billion, said another letter faxed to ministry of petroleum & natural resources. Similarly, the PSO receivables from power sector companies and PIA has reached over Rs66 billion as on June 30, 2009 with Rs5.09 billion on account of audited price differential claims with overdraft amount to Rs21.4 billion, the letter added.

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