Bangkok--Nov 1--PTT
Mr. Prasert Bunsumpun, President of PTT Public Company Limited (PTT), clarifies the news reports saying that PTT has involved in the suspicious trading of Iraqi crude oil under the UN Oil For Food Program by confirming that PTT had not involved in any illegal practices for its transactions on crude purchase from Iraq under the UN’s Oil For Food Program.
He said PTT’s purchases of crude under the Oil For Food Program were transparent. The United Nations (UN) approved for the registration of PTT as a National Oil Purchaser under the Oil For Food Program. In addition, PTT had made payment on such crude purchases to the BANQUE NATIONALE DE PARIS, S.A. (BNP), NEW YORK under the account name of the UN.
“PTT’s international trading was done step-by-step with transparent and auditable process. All payment procedures were done under the obligations agreed within the contract signed with its trading partners; therefore, it is impossible that PTT would pay for any kickback or make any illegal payment. PTT’s business operations contain tools and mechanisms which would be monitored by both internal and external parties,” Mr. Prasert said.
On May 28, 1999, the UN approved PTT for the registration as a National Oil Purchaser under the Oil For Food Program No. S / AC.25 / 1999 / OIL / HUM.986 / COMM.101. After that, PTT contacted Iraq’s National Oil Firm (S.O.M.O.) and asked for the purchase of crude. For the period between December 27, 1999 to June 8, 2000 and between June 24, 2000 to December 5, 2000, S.O.M.O. allocated 1 million barrels and 2 million barrels of BASRAH LIGHT Crude Oil to PTT respectively. Total crude purchase by PTT under the Oil For Food Program was 3 million barrels. The overall volume of crude allocation under the UN’s Oil For Food Program was as high as 3,427 million barrels. End.