Tuesday, September 2, 2014

PSO on the verge of default

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Thursday, February 14, 2013, 16:38
This news item was posted in Business category and has 0 Comments so far.

PSO will likely default on bills to its international fuel suppliers if it doesn’t arrange Rs15 billion today.

As per reports, a week ago, the PSO had urged the federal govt to release Rs15 billion so that it could save itself from defaulting on its LC bills and square with its creditors.

PSO’s troubles have increased since 2 banks turned down to issue letter of credit to the state-run oil company.

Experts say PSO’s failure to pay up will have severe repercussion for the economy of the country and may aggravate the current power crisis.

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