Pakistan Oil & Gas Circular debt settlement Too little, too obvious and too late (AKD Daily, Feb 06, 2024)
- Energy chain’s circular debt has deeply marred any prospects the state owned energy companies have had against depleting hydrocarbon reserves/growing energy needs of the country.
- With majority of the natural escalation meaningfully curbed through tariff hikes of over ~120% during the past calendar year, the past overdue stock is what the GoP aims to tackle
- The new strategy proposed by the authorities to the IMF (awaiting approval) aims to overhaul the balance sheets of energy companies. This involves a government-led payout routed through the gas utilities to the affected SOEs (majorly E&P and OMCs).
- The cash-infusion will only clear-out the longstanding receivables backlog, simultaneously, also resulting in withdrawal of equity from the other end through massive payouts, diverting cashflow that was not initially earmarked for dividends
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