I ndone­sian State Oil Trad­ing Firm Closed Amid Cor­rup­tion Claims

Mizzima Business Weekly - - BUSINESS ALERTS -

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

Newspapers in English

Newspapers from Myanmar

© PressReader. All rights reserved.