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Pertamina to start collecting Petral receivables this year
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State-owned oil and gas company Pertamina has said that it will start to collect the receivables of its liquidated trading arm Pertamina Energy Trading Limited (Petral) in 2017. (tribunnews.com/-)
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tate-owned oil and gas company Pertamina has said that it will start to collect the receivables of its liquidated trading arm Pertamina Energy Trading Limited (Petral) this year.
The poor documentation of the receivables that had hampered the collection process should have been rectified in 2016, said Pertamina president director Dwi Soetjipto, adding that Pertamina would have to reclassify the exact amounts of receivables with the clients.
Pertamina has already asked government institutions such as the Development Finance Comptroller (BPKP) and Attorney General Office to carry out the reclassification process, he said.
"We want the reclassification process to be legally valid and not cause any more problems in the future," he said.
Dwi said Pertamina would talk to its clients to discuss the issue. "We have to check our findings with the clients. Some clients may admit that they have payables to Petral, some others may not, this should be resolved," he said.
Petral was frozen in May 2015, but remains a legal entity because if it loses the legal entity status, Pertamina will not have any legal claim to any remaining receivables. An audit shows that Petral's receivables reached US$50 million.
However, Dwi said the final amount might be different after reclassification. (bbn)
