Petra Energy S.A (PTY)(LTD) has formed a JV with Injena Petroleum Limited which operates within the SADC.
The aim is intended to create a joint venture between the parties to carry on the business in dealing in the Products, storage of the Products and distributing and retail selling of the Products in Malawi, Zimbabwe, Mozambique and other SADC members.
The JV has tendered for the design, construction and management of a pipeline from Beira to Malawi and associated Strategic storage and distribution facilities (the “Pipeline Project”) and may be the successful bidders for the Pipeline Project. This will allow the JV to manage the pipeline and provide the feedstock into Malawi via the pipeline to secure a consistent supply of petroleum into the country.
Petra Energy Trading is a principle trader, We buy products as well as sell, We have the ability to fulfill demands, and negotiate on supply contracts efficiently. We have our own in-house compliance team who carries out verification of products as well as due diligence on companies we are not familiar with.
As part of ensuring we are able to offer our current and new customers a reliable and efficient service, we use the “KYC” process on all new relationships as this helps us maintain our ethos as a company.
Know your customer (KYC)is the due diligence we perform to identify our clients and ascertain relevant information pertinent to doing financial business with them. In the Know your customer policies have becoming increasingly important globally to prevent identity theft fraud, money laundering and terrorist financing. KYC should not be thought of as a form to be filled - it is a process to be undergone from the start of a customer relationship to the end.
One aspect of KYC checking is to verify that the customer is not on any list of known fraudsters, terrorists or money launderers, such as the Office of Foreign Assets Control's Specially Designated Nationals list. This list contains thousands of entries and is updated at least monthly. As well as sanctions lists there are lists of third party vendors that track links between persons regarded as high-risk owing to negative reports in the media about them or in public records.
Beyond name matching, a key aspect of KYC controls is to monitor transactions of a customer against their recorded profile, history on the customers account(s) and with peers.
Know Your Customer processes are also employed by regular companies of all sizes, for the purpose of ensuring their proposed agents', consultants' or distributors' anti-bribery compliance. Banks, insurers and export credit agencies are increasingly demanding that customers provide detailed anti-corruption due diligence information, to verify their probity and integrity.
“ Petra has also entered into current negotiations with the Kenyan Petroleum Refinery, and are researching the opportunities of a processing agreement to refine our Crude. . ”
