Oil hovers around 79 dollars in Asia
SINGAPORE: Oil prices dipped in Asian trade after an overnight surge as investors await European banking stress test results for indications of the global economic outlook, analysts said.
New York”s main contract, light sweet crude for September delivery, was down 28 cents at 79.02 dollars a barrel, while London”s Brent North Sea crude for September dropped 38 cents to 77.44 dollars.
Six PSO officials suspended over corruption charges
KARACHI: Following disclosure of Rs.100 million embezzlement in Pakistan Standard Oil (PSO), the country’s biggest oil providing company, at least six officials, appointed in Lalpir Depot locality in Punjab, have been dismissed from office, Geo news reported.
Irfan Qureshi, Managing Director PSO, apprised NA’s committee for oil, gas and natural resources of the entire details of the case on Thursday.
In his statement Irfan Qureshi said some of PSO’s employees would make huge sales of PoL products worth of millions of rupees on credit ahead of information of price hike.
“The preliminary investigation has revealed misappropriation worth of 100 million rupees in PSO”, he told committee.
Subsequently responding to the charges from Irfan Qureshi, the committee chairman, Sheikh Waqas Ikram, has constituted an investigative body, directing it to submit report within one week.
PSO Facing Rs 77.7 Billion Circular Debt
PSO Facing Rs 77.7 Billion Circular Debt, Senate’s Standing Committee for Petroleum Chairman Sabir Baloch said that PSO is facing circular debt of Rs 77.7 billion. He said that many sectors including power sector may face problems if proper steps are not taken on war footing. He was talking to a meeting of Senate’s Standing Committee for Petroleum Chairman. In the meeting, MD PSO Irfan Qureshi said that different organizations including power sector have to pay Rs 69.6 billion arrears of PSO. Criticizing the WAPDA, Senator Haroon Khan said that proper steps are not being taken to end the circular debt of PSO.
PSO Facing Rs 77.7 Billion Circular Debt was first posted on November 24, 2009 at 3:59 pm.
