PSO gets Rs2bn from PEPCO

Pakistan State Oil (PSO) received two billion rupees from Pakistan Electric Power Company (PEPCO) while 43 billion rupees are yet to be received. Another tranche of Rs17 billion will be released later in the week. The release of payments for fuel oil sold by PSO comes after the state-run petroleum company threatened to stop supplies to two of the largest private power producers. The government assured payments on behalf of Hub Power Company and Kot Addu Power Company, which owe Rs52.5 billion and Rs28.5 billion to PSO respectively. PSO stopped supplies to HUBCO and KAPCO on July 31, which was the deadline for clearing its dues. The state-run fuel supplier sent ultimatums to Water and Power Development Authority, HUBCO and KAPCO a couple of days back, as clearing outstanding payments had become imperative.