Pertamina completes Petral forensic audit

State-owned oil and gas firm PT Pertamina said that an independent forensic audit into its subsidiary Pertamina energy Trading Limited (Petral) has been completed.

Pertamina President Director Dwi Soejipto said in a statement Monday that the audit results will be used as a basis to improve oil and gas procurement process by its new Integrated Supply Chain (ISC).

He added that the audit forms part of stages including due diligences, wind-down process, debt settlement, and asset transfer to Pertamina prior to the liquidation of Petral, long suspected of infested by graft practices.

?A number of activities are still in progress, due diligence will be completed end November, while wind-down process by end of December 2015,? Dwi said, adding that the results of the forensic audit will be later disclose to the public after reporting it to the government.

While not disclosing the complete results of the audit, which started in July and completed end of October, Dwi said that oil and gas procurement by Petral in the past has been interfered by external parties, marred by inefficiency in the supply chain, and information leaks. Dwi did not disclose who the external parties were.

Dwi said that the entire liquidation process of Petral is expected to be completed in the second quarter of 2016.

Editing by Reiner Simanjuntak