TEMPO.CO, Jakarta - State-owned oil and gas company Pertamina said that they will immediately complete the study on its plan to dismiss its subsidiary, Pertamina Energy Trading Ltd (Petral). "The study will be completed immediately, last week we have reported Petral performance to the State-Owned Enterprises Ministry," said Wianda Pusponegoro, Vice President of Corporate Communication of Pertamina on Saturday, April 25, 2015.

Wianda said that Pertamina is currently on the process of assessing any obligation that must be fulfilled of Petral is to be dismisses, such as the company's obligation on paying taxes and settling other financial issues.

Wianda explained that Petral only acts as an intermediary for financial statements consolidation, while most of the business process was carried out by Petral's business units. The Oil and Gas Management Reformation Team noted that Petral's crude and fuel trading business were carried out Pertamina Energy Services (PES), Petral’s subsidiary which is located in Singapore. Meanwhile, the development of non-oil and gas businesses were carried out by Zambesi Investment Limited in Hong Kong.

"Since ages ago Petral was going to be dismissed because it has no use, why do you need two financial statement consolidations?" said Faisal Basri, Chief of the Oil and Gas Management Reformation Team.

Faisal said that if Petral is dismissed, PES can be established as an independent business entity because the company is considered to be important in relation to its role as Pertamina's 'trading arm'.

BERNADETTE CHRISTINA MUNTHE I ALI HIDAYAT