Govt Assures Oil Companies of Resolving Liquidity Issues

Technology

The government has assured oil companies and the oil sector that it will resolve all the issues of the oil industry.

This was affirmed by Minister of State for Petroleum Dr. Musadik Malik who chaired a high-level meeting with representatives of Oil Marketing Companies (OMCs) and the Oil Companies Advisory Council (OCAC).

The OMCs have categorically stated that they have enough petroleum products stocks for a smooth supply in the country and have committed to maintaining the integrity of the supply chain.

The minister guaranteed the industry that all their reasonable concerns regarding finances will be duly taken up with the Ministry of Finance, including Letters of Credit (LCs) and turnover tax matters.

He added that he will discuss the matters will all the concerned quarters, including the Ministry of Finance to bridge the gap of the circular debt in the energy sector.

Dr. Malik lauded the OMCs for their timely communication and for averting foreseeable crises in the country. He remarked that they would “work hand in glove with the oil industry to ensure that our stocks don’t dry out. Both sides have committed to stop illegal hoarding practices”.

Source: Pro Pakistani