After Power Sector, Circular Debt Grips Oil & Gas Sector
Data collected from several sources revealed that six companies are waiting to receive mammoth payments worth Rs 1,557 billion
After the power sector, the circular debt has also hit the oil and gas sector and different companies have outstanding payments of over Rs 1.5 billion.
The circular debt in the oil and gas sector is ballooning and many companies are suffocating due to it.
Data collected from several sources revealed that six companies are waiting to receive mammoth payments worth Rs 1,557 billion.
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The firms owe Rs 357 billion to Sui Northern Gas Company (SNGC), Rs 348 billion to Oil and Gas Development Company Limited (OGDCL), and Rs 278 billion to Pakistan Petroleum Limited (PPL).
The companies including Sui Southern Gas Company (SSGC), Pakistan State Oil (PSO), and K-Electric (KE) also have arrears.
Sources said these companies have outstanding payments as the data shows SSGC owes Rs 259 billion, PSO owes Rs 221 billion and KE owes Rs 94 billion.
