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Petronas issues ‘good business conduct’ reminder to partners over sanctions concerns

02 Aug 2021

The Head of Commercial Business at Petronas Dagangan Berhad, Ramzulhakim Bin Ramli, on Tuesday (27 July) issued a letter to business partners amid alleged sanctions concerns of certain business partners; the communication to stakeholders obtained by Singapore bunkering publication Manifold Times is as follows:

PETRONAS Dagangan Berhad (PDB) observes good business conduct and is committed to adhere to relevant economic sanctions and export control regulations, guided by the PETRONAS Code of Conduct and Business Ethics (CoBE).

We hold ourselves and all our valued partners to the highest ethical standards and we expect our valued partners to conduct business consistent with all applicable laws and regulations.

As part of our CoBE, PDB is committed in complying to the applicable economic sanctions and export control regulations consistent with international norms and standards in the jurisdictions where it operates. Consistent with that commitment, we wish to remind you that PDB expects that our valued partners will not directly or indirectly have dealings with an entity that has been sanctioned by the United Nations, the United States and the European Union (EU). PDB and its valued partners must meet all legal and regulatory requirements and PDB takes this commitment seriously.

PDB may reevaluate our supply arrangement and implement remedies available to us shall the above is not complied with. You may share any of your concerns or enquiries pertaining the above matter with us through our dedicated sales team and we would be glad to assist.

PDB would like to thank you for the effort that has been undertaken and let us work together to facilitate high compliance culture in conducting our business and progressing for future growth.

 

Photo credit: Valentino Funghi on Unsplash
Published: 2 August, 2021

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