Fuel supply to Wapda restored on govt move

"Fuel oil dispatches had been made to Wapda in the evening but the supplies to Hubco and Kapco would remain suspended." — File Photo

KARACHI: Pakistan State Oil (PSO) suspended furnace oil supplies to Wapda, Kapco and Hubco by 1.00 pm on Thursday. However it had to restore the supply to state-run Wapda after the government`s intervention.

Fuel oil dispatches had been made to Wapda in the evening but the supplies to Hubco and Kapco would remain suspended, a PSO spokesperson said. The three power generation companies had been receiving 20,000-23,000 tons of furnace oil from the PSO on daily basis, he added.

PSO threatens to stop oil imports

The PSO's total receivables have surged to a record Rs160 billion.—File photo

 

ISLAMABAD: With its receivables touching a record Rs160 billion, the Pakistan State Oil (PSO) on Tuesday informed the government that it had decided to defer oil imports for a week and to cancel import orders 'in the pipeline' within a week unless it was paid a minimum of Rs40 billion upfront.

An 'emergency support' of Rs40 billion from the federal government would only help PSO to avert default on international payments, but it will still need more money to meet the fuel requirement for power generation to avert a more serious power crisis in winter months.

PSO posts highest-ever sales

ISLAMABAD: The Pakistan State Oil (PSO) sold 275,850 tons of gasoline during the first quarter of the current financial year, which is the highest-ever quarterly sales in its history, an official of the company said in a statement on Monday.

However, the quarter was marked by downward trend in the country’s fuel consumption due to the devastation of communication infrastructure and closure of some power entities caused by the recent floods, the official said.

PSO quarterly profit declines

KARACHI: Pakistan State Oil (PSO) has announced a net profit of Rs809.864 million translating into an earning per share of Rs4.72 for the quarter ending September 30, 2010 as compared to a profit of Rs1.9 billion and EPS of Rs11.1 in the same period last year.

Though net sales and gross margins remain almost the same compared to last year’s Rs170 billion and 3.9 percent respectively, the decline in earnings was primarily due to the higher financing cost and one percent turnover tax.

PSO inks deal with Petrosin for LPG supply

KARACHI: Pakistan State Oil (PSO) has signed agreement with a Singapore-based company Petrosin to sell liquefied petroleum gas (LPG) from its fuel stations, PSO said on Monday. Petrosin will invest around Rs8 billion to build storage tanks and dispensers at 200 fuel stations of the PSO in the next two years, Irfan Qureshi, PSO Managing Director, told The News.

“This is a big step for the PSO. The CNG business is no longer viable as every time in winter there is a gas shortage,” he said. “We will target to bring diesel-run vehicles to use LPG.” He said it will take some time for manufactures of LPG auto kits to set up businesses. But, he added, once LPG auto stations start operation the industry will prop up itself.

PSO gets Rs8 billion to trim circular debt

ISLAMABAD: The finance ministry on Friday paid Rs8 billion to Pakistan State Oil to reduce its circular debt, however the largest oil marketing company has expressed it concerns over the issue. 
 
In a meeting with the officials of petroleum ministry and the finance ministry and the PSO management here on Friday, it was acknowledged that the circular debt had been caused because of mismanagement and recovery problems by Pakistan Electric Power Company (Pepco).

PSO to sell ethanol mixed petrol

ISLAMABD: Pakistan State Oil (PSO) will start the commercial sale of 10 per cent ethanol mixed petrol or E-10 from Sunday at 20 outlets in Sindh.
 
The Oil and Gas Regulatory Authority (Ogra) has notified the price of E-10 gasoline at Rs62.61 per litre which is Rs2.50 per litre less than regular petrol.

PSO receivables touch Rs79bn

Friday, January 01, 2010
By our correspondent

KARACHI: The intra-corporate circular debt has again surged as receivables of Pakistan State Oil (PSO) from the power producers increased to Rs79 billion as of Thursday, company officials told The News.

The fuel oil supplier has Rs31.7bn stuck with PEPCO, Rs17.54 with KAPCO and Rs31.83bn with Hub Power Company, they said.

PSO says new board members appointed by govt

ISLAMABAD: The management of Pakistan State Oil (PSO) has distanced itself from the appointment of six members of its board, and said it was the sole prerogative of the government to appoint members of PSO’s board.

Commenting on a Dawn report, the PSO said in a statement that chairman of the board Sardar Yasin Malik had resigned due to his hectic business commitments and a farewell lunch was hosted in his honour by the management, which had played no role in his resignation.

Five OGDCL directors removed

ISLAMABAD: The government has removed, with immediate effect, five members of the board of directors of OGDCL, the country’s largest oil and gas producer.

The action was taken amid a conflict of interest pointed out by intelligence agencies in the restructuring of the Pakistan State Oil board.

PSO floats tender for 80,000 tons of jet fuel

ISLAMABAD: Pakistan State Oil (PSO) has invited international tenders for the import of 80,000 tons of jet fuel (JP-1) during the next four months mainly due to rising demand by Nato troops in Afghanistan.

The tenders floated by the country’s largest oil marketing company also said that it might need additional 16,000 tons between February and April.

PSO, OGDCL employees to get free shares

 









ISLAMABAD: Federal Minister for Petroleum, Natural Resources and Privatisation Syed Naveed Qamar will distribute Shares Unit Certificates among the regular and contractual employees of Pakistan State oil (PSO) and Oil & Gas Development Company Limited (OGDCL) at Kemari, Karachi and OGDCL Oilfields, Tando Alam on December 4 and 5 respectively.
 
According to a statement of the Privatisation Commission, this step has been taken in order to implement the Benazir Employees Stock Option Scheme (BESOS) in State Owned Enterprises (SOEs) to extend the benefits to the eligible employees free of cost for 12 per cent Government of Pakistan (GoP) shares of the privatised or non-privatised entities, employees having at least five years of service are eligible for the unit certificates.