Circular Debt Swells To Rs 100 Billion

The circular debt involving Pakistan State Oil (PSO), power generation companies and local oil refineries has swollen to Rs 100 billion.
According to sources from Ministry of Petroleum and Natural resources, the power sector is due to pay Rs 92 billion to PSO. Major defaulters include WAPDA Rs 38 billion, HUBCO Rs 36 billion and KAPCO Rs 16 billion.
On the other hand PSO is due to pay Rs 38 billion to the oil refiners. PSO is due to pay Rs 12 billion to Kuwait Petroleum by March 24 along with Rs 11 billion against letter of credit.