Updated on
Summary
Pakistan State Oil (PSO) is on the brink of bankruptcy. PSO has begged Rs 40 billion for rescue from the government. According to PSO sources, it has sent emergency notice to Ministry of Water and Power, Ministry of Finance and Ministry of Petroleum in which PSCOs circular debt has reached to Rs 139 billion. PSO has to pay Rs 86 billion to local oil refineries which has become impossible to pay due to circular debt. PSO said that letter of credit will be defaulted if it didnt pay Rs 16 billion to foreign oil refineries.
