Petronas clarifies oil sale practices
Petronas clarified that it does not and has never executed crude oil sales with any “middlemen” or “option holders” as alleged by certain quarters.
In a statement yesterday, Petronas said its crude oil customers had to go through a comprehensive credit-risk assessment prior to conclusion of any business transaction to minimise potential risk exposure.
Responding to recent online reports with regards to its crude oil sale practices, Petronas said every sale was based on internationally accepted and practised market-based pricing mechanisms.
It said crude oil was sold directly in the open market to a wide customer base of major international oil companies, national oil companies, reputable global trading houses and major refineries. — Bernama
Petronas’s crude oil is sold through term-contract arrangements of not more than one year and through once-off spot transactions.
As per industry practice, Petronas’s mode of sale is conducted through negotiations and on a tender basis based on prevailing market prices. — Bernama
No comments:
Post a Comment