Pakistan State Oil on the verge of default

Discussion in 'Pakistan' started by Blackwater, Feb 15, 2013.

  1. Blackwater

    Blackwater Veteran Member Veteran Member

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    KARACHI: Pakistan State Oil (PSO) will likely default on payments to its international fuel suppliers if it fails to arrange Rs15 billion today, Geo News reported.

    According to reports, last week, the PSO had urged the federal government to release Rs15 billion so that it could save itself from defaulting on its LC payments and square with its creditors.

    PSO’s troubles have multiplied since two banks refused to issue letter of credit to the state-run oil company.

    Experts say PSO’s failure to pay up will have serious repercussion for the economy of the country and may aggravate the prevailing energy crisis.

    Pakistan State Oil on the verge of default - geo.tv
     
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  3. Blackwater

    Blackwater Veteran Member Veteran Member

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    but pakis have already ordered 50 locomotive from china ??:confused::confused:


    looks like all money goes for testing NASR:pound::pound::pound:
     
  4. Vishwarupa

    Vishwarupa Senior Member Senior Member

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    will there be any penalty for this against pakistan?>
     
  5. Blackwater

    Blackwater Veteran Member Veteran Member

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    if so, who will pay the penality???:pound::pound:

    saudi or chini:laugh::laugh:
     
  6. datguy79

    datguy79 Regular Member

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    An oil company without oil?
     
    gokussj9 likes this.
  7. Defenceindia2010

    Defenceindia2010 Regular Member

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    I didn't know beggars who get oil as charity from ''SA'' can default.
     
  8. Vishwarupa

    Vishwarupa Senior Member Senior Member

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    How ever pays is not the matter. my question was will there be any penalty.

    If china or KSA will pay, how long can they pay. .
     

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