Cabinet committee denies gas utilities exemption from international accounting standards

The Cabinet Committee on state-owned enterprises has turned down a request from two gas utilities, Sui Southern and Sui Northern, to be exempt from international accounting standards. This decision aims to prevent the companies from being declared insolvent under current reporting norms. The committee's decision is significant as it underscores the government's commitment to maintaining financial transparency and accountability. However, the committee has directed further discussions between the Petroleum, Finance, and Law and Justice Divisions to explore potential solutions, indicating a continued focus on resolving the utilities' financial issues without compromising on international standards.