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ECC approves Rs30 billion grant to save PSO from default

ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet approved Rs30 billion grant to save Pakistan State Oil (PSO) from default. The economic committee also gave clearance to “outstanding payments accumulated during the previous government.

The Finance Division said the “Ministry of Energy (Petroleum Division) had submitted a summary on SOS call for funds for Pakistan State Oil Company Ltd. (PSOCL) to meet international contractual payments during 1-14 August, 2022.”

A statement issued by Finance Division said that the decision was taken in a meeting, chaired by Finance Minister Miftah Ismail, at its office.

“For the smooth continuity of oil and gas national supply chain and avoid PSO from being default on international payments, the ECC decided to clear the outstanding payments accumulated during the period of previous government and approved an amount of Rs 30 billion as supplementary grant for PSO receivables”.

The ECC also directed Petroleum Division to work out options in consultation with OGRA for setting up petroleum product prices within a week.

“The ECC also directed Finance Division and FBR to submit a proposal for generation of Rs30 billion through taxes, within a week,” said the statement.

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