PSO receivables cut by Rs13.1bln

KARACHI: Pakistan State Oil (PSO) chronic receivables from the power sector, Pakistan International Airlines, and Sui Northern Gas Pipeline Limited were cut by Rs13.1 billion and stood at Rs185.2 billion as of June 30, 2020, the company announced at its 44th annual general meeting on Wednesday.

Shareholders were also informed that PSO had strengthened its supply chain by increasing its shareholding in Pakistan Refinery Limited from 52.68 percent to 63.6 percent, a statement said.

The AGM, held virtually in view of the coronavirus pandemic, was chaired by PSO Board of Management Chairman Zafar I Usmani with CEO and Managing Director Syed Muhammad Taha.

Usmani said, “Fulfilling our responsibility as the national flag bearer, PSO gave back to the society by committing Rs180 million in the fields of healthcare, education and community building through its CSR Trust.”