Pakistan State Oil 'on its knees', more blackouts threatened
Thu Feb 21, 2013 6:22am EST   The country's largest energy
company said last week it would be dramatically cutting back on
the amount of oil companies can buy on credit, an action that
would worsen already daily power cuts.  The power shortages have
sparked violent protests and crippled key industries, costing
hundreds of thousands of jobs in a country already beset by high
unemployment, poverty and a Taliban insurgency.  Pakistan State
Oil is owed $1.5 billion, mostly by the government electricity
companies but also by the state airline and railways. It owes
suppliers $1.23 billion.  Around two-thirds of Pakistan's energy
is generated by oil and gas. There are also widespread gas
shortages.  Pakistan State Oil said it had received payments of
$200 million this month but needed another $250 million within a
week to pay its creditors.  "We have a liquidity crisis and we
need funds urgently to keep the wheels going. In case - god
forbid - we can't pa