Tuesday, 17th October 2017

Petral business transaction runs well: Pertamina chief

2nd March 2012 | 2.482 Views
Jakarta (ANTARA News) - The state-run oil/gas company PT Pertamina`s President Director Karen Agustiawan has noted that all business transactions with PT Pertamina Energy Trading Ltd (Petral) are running normally as PT Pertamina`s trading arm.

"All Pertamina`s business transactions run as usual and Petral, which is funded 100 per cent by Pertamina, is also fully supported by the holding company (PT Pertamina)," Karen Agustiawan said here on Thursday.

Petral is the only subsidiary of PT Pertamina that carries out the holding company`s trading activities.

According to her, Petral continues purchasing crude oil and fuel oil for domestic consumption.

Karen Agustiawan made the statement with regard to the misinformation about Petral`s role recently, which affected market confidence about the company.

In addition, Karen said that in 2011 Pertamina saved crude oil worth US$283, thanks to the competence of Petral as Pertamina`s sole trading arm, she said.

"Petral has applied business transformation and has a good system in conducting its functions. In addition, Petral has carried out the principle of good corporate governance," Pertamina`s president director said.

"Petral, as that of its holding company Pertamina, has been audited by the auditing agency Ernst and Young, and we welcome the state audit board (BPK) to conduct another audit, if necessary," she said.

Meanwhile, Vice President Corporate Communication Pertamina Mochamad Harun said market confidence and partnership play the main roles in the crude and fuel oil trading business in the global market.

Petral, according to Mochamad Harun, had received financial aid from international banks by having its credit reach US$3.5 billion.(*)