Oil Mafia Offensive

Results of a forensic audit into Pertamina Energy Trading Limited (Petral) confirm the existence of an'oil syndicate', which was previously just political rumor. The grip this mysterious group has over Petral's buying and selling of crude oil can only be described as unbelievable. Its influence began from the time the bidding was processed and extended across the supply chain in a manner that ensured above-normal profits.

The investigation by an independent, government-appointed audit firm into Petral's operations from 2012 to 2014 points to the source of the corruption as Muhammad Riza Chalid, who heads the Singapore-based Global Energy Resources and other companies with headquarters in the British Virgin Islands, a well-known tax haven.It is clear that Global has long held a vise-like grip over the executives of Petral and Pertamina Energy Services, the state-owned oil and gas subsidiary tasked with setting up and managing tenders for crude oil sales.

December 1, 2015