I ndonesian State Oil Trading Firm Closed Amid Corruption Claims
Indonesia’s state oil trading firm Petral is to be closed down on suspicion of being a “haven for corrupters,” the state news agency Antara said.
State-Owned Enterprises Minister Rini Soemarno said a liquidation process for Petral and its subsidiaries was underway and is “expected to be fully completed by April next year”.
Petral, short for Pertamina Energy Trading Limited, is based in Hong Kong with offices also in Singapore. The firm and its executives will face to an audit investigation, Rini told a press conference in Jakarta on May 14.
Petral, a wholly owned subsidiary of Indonesia’s state upstream oil and gas company Pertamina, trades