ISLAMABAD: Pakistan’s Finance Minister, Senator Mohammad Ishaq Dar, asked the Petroleum Division. Sui companies, and PSO on Saturday to do what they need to do to get their cash flow back on track. It should as soon as possible.
The minister was in charge of a meeting about how to change the way the energy sector works. He made it clear that the government’s top priority was to fix the liquidity. As well as performance problems of SOEs in the energy sector so that the country’s economy could grow faster.
PSO Managing Director Syed Muhammad Taha, who given a three-year extension until February 21, 2026. He told the government last month that the company’s foreign exchange cover run out and that even local financing costs eating up the company’s profits. Even though the company’s market share growing because private suppliers limiting their exposure because they having financial problems.
The media said that the PSO’s receivables had gone over Rs775 billion. While SNGPL alone owed Rs498 billion, and the PSO had borrowed more than Rs411 billion to make up the difference, which would cost Rs43 billion this year and Rs75 billion next year.
At the meeting, people talked about the problems that still happening in the energy sector. As well as talked about possible ways to change the energy sector to improve cash flow. Especially in the gas sector.
A statement from the finance ministry said that the meeting attended by Special Assistant to the Prime Minister (SAPM) on Finance Tariq Bajwa, SAPM on Revenue Tariq Pasha, the finance and petroleum secretaries, the Auditor General of Pakistan, the managing director of SSGC, managing directors, CEOs of Sui companies, and senior officers from the finance and petroleum divisions.
