Pakistan to give PSO US$540 million to pay suppliers

The Pakistani government has assured Pakistan State Oil (PSO), a state-owned oil marketing and distribution company that it will get around Rs46 billion (US$538.77 million) to avoid defaulting on payments to international suppliers. “We plan to disburse around Rs36 billion (US$421.64 million) to Pakistan State Oil, and have asked the water and power development authority to arrange Rs10 billion (US$117.12 million) for [Pakistan] State Oil”, said an official from the Ministry of Finance. PSO needs to clear bills for purchases from the Kuwait Petroleum Co. and international fuel oil suppliers amounting to Rs36 billion (US$421.64 million) by the end of June. (June 22, 2010)