Letters
by Toh May Fook
Thomas Freidman deliberated on the impact of the wealth that comes with the endowment of oil, on various oil-rich nations around the world and concluded that in many of these “less developed nations,” oil is actually a curse rather than a blessing. It actually promotes indulgence of every sorts, misallocation of resources, complacency, poor governance, abuse of executive powers, corruptions and all sorts of other social and political ills.
Back in our country, revenue from Petronas has contributed to 33% of the government’s annual budget, so we were told, but the accounts of Petronas is not made public and that leads to all sorts of negative speculations from concerned citizen. It defies logic that a national institution as important as Petronas which has contributed so much to the nation does not want to be transparent and gain even more respect from all fellow Malaysians. Unless as they say, benar benar ada udang disebalik batu.
The price of pump price of fuel has risen to a point that threatens the livelihood of most ordinary Rakyat, right thinking citizen can not accept the logic offered by the government and this can easily lead to political instability. As the issue has reached crisis proportion, it is ridiculous that the government still does not deem it necessary to open up the accounts of Petronas together with a comprehensive public review on the state of affairs in Petronas.
As Petronas is headed by a respectable and very qualified accountant, Tan Sri Hassan Merican, we are hopeful that if given the mandate, he can explain how when the price of crude oil increases, a NET exporting country can justify in complaining about the burden of heavier subsidy for the amount consumed domestically. We are not talking about the justification of subsidy, we are merely asking what does subsidy mean in this context.
Further, when budget was deliberated the year before, what was the reference price of fuel which enabled the government to obtain 33% of its budgetary needs from Petronas through various forms of taxes? Now that the current oil price is deemed UNEXPECTEDLY high, wouldn’t our government derive even more from Petronas from such various taxes?
If a NET oil exporting nation is suffering so badly when oil price increases, does it mean that all Malaysians, politicians included, should be jumping up and down in uncontrollable joy if the oil price slumps to USD10 per barrel tomorrow?
Putting all the above asides, what about the 2,500 km Peninsular Gas Pipeline Project linking our rich gas reserve from Tok Arun in Kerteh to every part of Peninsular Malaysia that commenced since 1984 and completed in 1993? Hundreds of millions were invested and for 15 years very little were done to benefit the Rakyat.
For a long while the only NGV station in Klang Valley was near the surau at KLCC which caused massive congestion; some years ago, another one was available in Sri Hartamas and that also caused congestion but also brought much delight to the station owner over his monopolistic rights.
Obviously, within those 15 years, especially during the last ten years when the oil price began to escalate aggressively, many NGV pumps should have been installed and in fact, Proton and Perodua vehicles should be fitted with NGV tanks instead of petrol tanks. That alone will make those two the hottest selling brands in Malaysia and there is no need for APs and other silly protections to our auto industry, such as hefty import duty for imported vehicle.
Yesterday, a certain minister expressed relief that car owners are rushing to install NGV tanks in their vehicle, the minister went on to explain that the government planned to have 200 NGV stations by year end but due to technical problems, there will only be an addition of 24 more on top of the current available 76 NGV stations.
Today, Tan Sri Hassan Merican said we have 96 NGV stations at the moment and due to problems on land acquisitions and problems with local authorities we may have 200 NGV stations only by 2010.
Our government is about to collapse and for 15 years, Petronas could not solve land acquisition problems and could not deal with our local councils to bring much cheaper and cleaner fuel to the Rakyat!
15 years since the Peninsular Gas Pipeline was completed, with proven strong demand for the NGV, our nation will only have 100 NGV stations and mostly in the Klang Valley. Brazil and even Pakistan have more NGV stations though they had much less natural gas reserve than Malaysia. Proton and Perodua are not marketing their products according to our God given national competitive advantage and our Rakyat are compelled to pay RM2.70 for petrol instead of 68 sen for NGV for the same function and even cleaner environment.
We need someone to answer all the above strange phenomena, or is this simply what Mr Freidman described as The Curse Of Oil?
Tell it to the current PM who called for more transparency in the government sector. He should be the first to make the accounts transparent to all but then again, he may not do that at all since it would show where the money actually went — into the pockets of many people we know and speculate about.
Mr Freidman may some how right on describing the “The Curse of oil ” theory in Malaysia context. But I would agree more to fact that it’s all boils down to on who’s hand this GOD given resources are. Our ever controversial NEP is one such you may call it “resource” which had been distorted from it’s original intend. It’s all boiled down to greed of man especially those who are vested with power. WE ALL MUST CHANGE BEFORE WE ARE BEING FORCED TO . It’s the law of universe !!!
We should not get upset with the increase in the price of petrol.
What we should get upset about is the fact that over 34 years since 1974, Malaysia has earned an estimated RM2 trillion in oil revenue.
I say ‘estimated’ because that is the only basis we can use in figuring out what the actual amount is. Petronas accounts are not published and are not tabled before Parliament.
According to the Petroleum Development Act 1974, Petronas need not make its accounts public. Petronas need not even report to anyone, not even to Parliament.
Petronas reports to just one man, the prime minister of Malaysia.
Petronas is not a public company. However because it holds control over resource of oil, which is national heritage, its CEO Tan Sri Hassan Marican had already publicly disclosed that at the close of its financial year in March last year, the national petroleum company had given the Government RM52.3 billion in taxes, royalties and dividends which worked out to be 32% of the Federal Government’s revenue. “Since the formation of Petronas in 1974 to last year, the company gave the Government RM335.7 billion out of a total profit of RM570 billion,” he added. Do we need further disclosure – what plans on drawing board that the oil company are formulating to reinvest its profits in new technologies and in search of new oil reserves – or where and with what fund managers Petronas profits have so far been invested and their returns? How much is it a relevant issue that Petronas’s accounts be made further transparent to public that Hassan Marican has not disclosed ? I thought the issue has always been how the government allocates and utilizes its revenue, whether there is much wastage & lack of acountability (eg PKFZ’s RM4.6 billion bailout amiongst others) which is related to other issue of why and whether the Government which earned RM52.3 billion in taxes, royalties and dividends forming 32% of the Federal Government’s revenue could have not used these to buffer the effects of high Crude Oil Prices. Or am I wrong, ie. that’s not the issue?
Petronas is UMNO’s piggy bank.
Lots of countries such as Singapore and Switzerland do not possess oil wells, yet their people have a higher per capita income than Malaysians. So it is not the curse of oil, but the curse of the oiled fingers of our corrupt people in power
The standard of living of the Malaysian public has been lowered
in one swoop!
Basic macroeconomics: if you raise the price of petrol, you should expect
inflationary pressures. So, you should have had plans to combat inflation as well as supplementary programmes to reduce the impact of inflation on the poor and the less privileged members of society. Where are these? Who are the economic and social policy advisors to our government?
Jeffrey is right. It’s not about asking Petronas to be more transparent. All Petronas can do is to pay royalties and dividends. It is the way these funds are being allocated and used (or abused) that requires transparency.
Look at the AP issue as a parallel. The gomen is now saying that APs will continue to be issued up to 2020 – a clear contravention of NAFTA and the New Automotive Policy announced two years ago. If AP revenues go to the Treasury, it will not be much of an issue, but the AP revenues go to UMNO cronies, and these bloodsuckers want to continue till 2020. Once addicted to opium, they can’t stop.
don’t know what your jeffery is talking about! all that in one para.
Cut out Jeffrey’s posting, then take it to your English teacher, Bernadette. You need help.
Came across this article (http://news.my.msn.com/regional/article.aspx?cp-documentid=1454787) on MSN website titled “Malaysia’s corruption at critical level: watchdog”.
Truly hope DAP can fight for justice and bring Malaysia back to its glory days.
DAP ALWAYS!
Opposition needed a few more seats in the Parlimen to close this following issue:-
1) Price hike (oil, food, utilities and etc)
2) More tranparentcy (e.g. Petronas account, corridors project & etc)
3) Realign the NEP back to it original track.
Therefore dear fellow BN’s MP, you have many times campaign for the RIGHTS and the JUSTS for our Rakyat welfare. We have done our part during the last election (12th) and now it your (MP) times to fulfill your promise ….
Tune on your TV and watch what happen to England, Spain, Italy, French, Netherland, Thailand, Vietnam……. just becuase the oil price hike.
I am told by a taxi driver that there are only 3 NGV stations in KL. The third one is at Jalan Klang Lama. They always have to queue up for the gas!
In the condo I stay, gas piping is installed but we have to buy own gas supplied by a sundry shop nearby.
Malaysia Boleh!
Why curse oil? We should blame ourselves for electing idiots to lead this country. We should blame the mass media for not analysing national issues objectively for fear of annoying the government.
Jointly we created this BN Frankenstein. This greedy and corrupted monster had already emptied the national coffers which must be dry as our oil wells will be in 2015.
No matter how, there are still “retarded” who will continue to elect Party Barang Naik because they no longer connected to this world.
Imagine the amount of void vote for more than 50K Malaysian voters woke up every 4 years to produce void ballots.
If everything increases salary or income didn’t increase, this is call torture, u r torturing the childrens, decreasing their savings, and also milk money, increasing the burden of lower income and middle income. One child burden now become 2 childs, 2 childs burden become 4 childs burden. How to increase and encourage population growth in Malaysia during this time of adversity?
The Malay suffered the most, they’ve 4 wives, i believe their wives can feed the man and the childrens becos of their savings from all the tabung tabung Ketuanaan.
There is this filthy rich Malay man (little white face man) in recent news who is a lorry driver earning RM 1,500 per month, having 3 wives already, now getting another wife, well, assuming each wives give birth to once child at least 4 childs. Malay is abt. 6x%++
in Malaysia, how many Malay with more than 2 wives? The people who suffered the most are the childrens who get less attention, and get involved in drugs due to lack of parental care.
Soon these childrens will join become Mat Rempit, due to lack or tight of resources they will resort to snatch thief, drug peddling and other vice activity at Malay Karaoke shop. Some will even get involved with murder, incest, rape, and many more social problems.
Judge the leaders’ management of the country without oil revenue.
Imagine the political and social environment without oil revenue.
i think Pak Lah know this is his last term…and try to grab whatever he can before clearing the office..including reveange on those vote against BN….who to blame..? blame yourself… ^^
Change life style? eat less? go out less? purchase less? holiday cut? sell all cars and buy motorbike? double story house to single story house? postpone/cancle parties/family events? all sit at home and not go out? fear of increasing crime? Thanks to You badawi and BN. Now my life is totally change from bad to worse. Malaysian wake up dont you just look at me and i look at you and protest in silent. we must be united and throw this BN out for good!! be brave! do something! YB Lim, PR work harder!! Stop all this otherwise our country economic will be like Zimbabwe one day.
Bro and sis, I just ewad THE SUN today and someone written that RM$2.70 we pay at petrol station did not get us a litre of petrol. Is it true?? Better double check now.
Um…I wonder if I strike gold on my land, in order not to fall to the government hand, can I pump it into my personal company then only sell a slighly lower market price back to government? Wow….I will be filthy rich. This is what happen to our country when natural country resources has been abused for money corruption. All UMNO know that and they keep silence about it with their dirty hands.
Basically AAB and family are trying to get away robbing the country dry….Mahathir ripped large financial holes in Malaysia’s economy….and Badawi is no Lee Kuan Yew to patch these holes…….so he does what every UMNO guy does best……ripp whatever is left and let the ship sink…with us in it….WAKE UP!!!!!!
Ha ha Zeti said it’s too early to see the impact of fuel price hike in The Sun. What a joker !! These jokers really are living in a different world from us. I wonder do they go to market…building materials and food already up. They still dreaming? Better sack them in the next coming election. What they comment really feel like rubbing salt to our open wound and still act “heroic” in front of us.
With all the talk about rising oil prices or the lack of it, the BN/Umno regime saw it fit to raise the price of petrol and diesel. There has long been a suspicion that Kelantan had a vast oil and gas reserve. However, the BN/Umno regime doesn’t seem to want to exploit it as long as Kelantan is under Pakatan Rakyat. It makes sense here if the State is under Pakatan Rakyat, it will be difficult for the Umnoputras to exploit the oil and gas revenues for their own pockets. According to a report in The Star on May 4th, 2006 by Ian MacIntyre, oil deposits have been found at the inshore areas of Tumpat and Bachok districts in Kelantan.
Kelantan State Financial Planning Committee Chairman, Datuk Husam Musa said oil deposits have been found at the inshore areas of Tumpat and Bachok districts in Kelantan. He said the state government planned to appoint a consultant to confirm if there were oil reserves around both inshore areas, which could be extracted commercially. He added that the oil discovery was made recently by certain parties who alerted the state. More details can be found at http://kickdefella.wordpress.com.
The following article extracted from the United States Energy Information Administration is both informative and an eye opener.
Source: http://www.eia.doe.gov
United States Energy Information Administration
Malaysia Energy Report (part of May 2000 report)
Malaysia is important to world energy markets because of its 81.7 trillion cubic feet of natural gas reserves and its net oil exports of over 300,000 barrels per day. Note: All information contained in this report is the best available as of May 2000 and is subject to change.
OIL
Malaysia contains proven oil reserves of 3.9 billion barrels, down from 4.3 billion barrels in 1996. Despite this trend toward declining oil reserves (due to lack of significant new discoveries in recent years), Malaysia’s crude oil production has been stable in recent years, fluctuating in the range between 690,000 barrels per day (bbl/d) and 730,000 bbl/d between 1996 and early 2000. In 1999, crude oil production averaged 720,000 bbl/d. After a pause during the Asian financial crisis, Malaysia’s domestic petroleum product consumption is again growing.
As a result of declining oil reserves, Petronas, the state oil and gas company, has embarked on an international exploration and production strategy. Currently, Petronas is invested in oil exploration and production projects in Syria, Turkmenistan, Iran, Pakistan, China, Vietnam, Burma, Algeria, Libya, Tunisia, Sudan, and Angola. In 1999, Malaysia exported the majority of its oil to markets in Japan, Thailand, South Korea, and Singapore.
Malaysia’s domestic oil production occurs offshore and primarily near Peninsular Malaysia. Most of the country’s oil fields contain low sulfur, high quality crude, with gravities in the 35o-50o API range. Over half of the country’s oil production comes from the Tapis field, which contains 44o API oil with 0.2% sulfur content. Esso Production Malaysia Inc. (EPMI), an affiliate of ExxonMobil Corporation, is the largest crude oil producer in Peninsular Malaysia, accounting for nearly half of Malaysia’s crude oil production. EPMI operates seven fields near the peninsula, and one-third of its production comes from the Seligi field. The Seligi-F platform, with its 28 wells, is the newest satellite in the Seligi field, located 165 miles off the coast of Terengganu, Peninsular Malaysia. Built at a cost of $155 million, Seligi-F is the seventh production platform on the Seligi field. The platform came on stream in March 1998 and is expected to produce an annual average of 21,000 bbl/d. EPMI holds a 78% interest in the project with Petronas Carigali holding the remaining 22%. In addition, EPMI began drilling the nearby Raya-A platform in the second quarter 1998. EPMI has invested $96 million in six wells, and holds an 80% interest with Petronas Carigali holding the remaining 20%.
In other developments, Sabah Shell Petroleum Company, a unit of Royal Dutch/Shell Group, raised production at the Kinabalu field to 36,000 bbl/d, as well as 28 million cubic feet per day (Mmcf/d) of gas. Production at Kinabalu, located in the SB-1 block 34 miles off the coast of Labuan, Sabah in east Malaysia, began in December 1997. Peak production is expected to reach 40,000 bbl/d of oil and 30 Mmcf/d of gas. As operator of the SB-1 block, Shell holds an 80% stake in the block, with Petronas holding a 20% stake. In February 1998, Amerada Hess signed two, five-year production sharing contracts (PSCs) with Petronas for blocks PM304 and SK306. The PSCs commit Amerada to $24.9 million of exploration activities on the two blocks. Amerada drilled five exploratory wells in 1999 following a series of 2-D and 3-D seismic studies. Under the PSCs, Amerada holds a 70% stake in PM304, offshore Terengganu, and an 80% stake in SK 306, offshore Sarawak, with Petronas holding the remaining interests in both blocks.
In February 2000, Sweden’s Lundin Oil announced that it had signed a sales agreement with Petronas and PetroVietnam which will allow it to proceed with development of its long-delayed Bunga Kekwa project. Production is scheduled to begin in 2003, with an expected volume of 40,000 bbl/d of liquids and 250 Mmcf/d of gas. Lundin Oil is the operator of the field, and Petronas and Petrovietnam hold equity stakes in the project.
Refining & Downstream
Malaysia has six refineries with a total processing capacity of 524,400 bbl/d. The three largest are the 155,000 bbl/d Shell Port Dickson refinery and thePetronas Melaka-I and 100,000 bbl/d Melaka-II refineries, which each have a capacity of 100,000 bbl/d.
The second phase of the $1.4-billion, 200,000-bbl/d Melaka refinery complex, located about 90 miles south of Kuala Lumpur, commenced operation in August 1998. The 100,000-bbl/d Melaka-II second phase is a joint venture between Petronas (45%), Conoco (40%), and Statoil (15%). This second refinery contains a 62,000-bbl/d vacuum distillation unit, 26,000-bbl/d catalytic cracker, 28,500-bbl/d hydrocracker, 35,000-bbl/d desulfurization unit, and 21,000-bbl/d coker. One of the main purposes of this refinery is to supply gasoline to Conoco’s service stations in Thailand and a new line of stations planned for Malaysia. The first phase of the Melaka refinery was finished in mid-1994 and consisted of a 100,000 bbl/d sweet crude distillation unit, which is wholly-owned by Petronas and processes Tapis crude oil.
Petronas, in a joint venture with Conoco and Statoil began construction of a 7,500 bbl/d lubricants plant at Melaka in 1998. Petronas and its partners began construction on the $250 million plant in March 1998, and it is scheduled to come on line in 2002.
In other downstream activities, Petronas signed a joint venture agreement with Union Carbide Company, in April 1998, to build a petrochemical complex in Kertih on the east coast of Peninsular Malaysia. Construction of the complex is estimated to cost $3-$4 billion and to involve three separate projects. The centerpiece of the joint venture is an olefins cracker unit with an annual production capacity of 600,000 metric tons of ethylene and 85,000 metric tons of propylene. Petronas will hold a 76% stake and Union Carbide will hold a 24% stake in this unit, which is expected to be complete by the first quarter 2001. Both companies will hold equal shares in the ethylene oxide/ethylene glycol plant with an annual capacity of 320,000 metric tons and the multi-unit derivatives plant. The derivatives plant will produce amines and ethyloxates, glycol ethers, butyl acetate, and butanol.
NATURAL GAS
Malaysia contains 81.7 trillion cubic feet (Tcf) of proven natural gas reserves. Natural gas production has been rising steadily in recent years, reaching 1.44 Tcf in 1998, up from 1.36 Tcf in 1997. Natural gas consumption in 1998 was estimated at 0.70 Tcf, with LNG exports of 0.72 Tcf (mostly to Japan, South Korea, and Taiwan). Exports dipped slightly in 1998 as a result of the Asian financial crisis, but began to climb again in 1999.
One of the most active areas in Malaysia for gas exploration and development is the Malaysia-Thailand Joint Development Area (JDA), located in the lower part of the Gulf of Thailand and governed by the Malaysia-Thailand Joint Authority (MTJA). The MTJA was established by the two governments for joint exploration of the once-disputed JDA. The JDA covers blocks A-18 and B-17 to C-19. A 50:50 partnership between Petronas and Triton Energy Ltd. is developing block A-18, while the Petroleum Authority of Thailand (PTT) and Petronas also share equal interests in the remaining blocks. PTT and Petronas announced an agreement in November 1999 to proceed with development of a gas pipeline from the JDA to a processing plant in Songkla, Thailand, and a pipeline linking the Thai and Malaysian gas grids. Malaysia and Thailand will each take half of the gas produced. The agreement had been delayed two years by uncertainty over demand growth related to the Asian financial crisis. Production from the JDA is to begin in 2002.
Block A-18 is operated by the Carigali-Triton Operating Company (CTOC), a joint venture project between Triton and Petronas. In December 1997, the MTJA approved a development plan for CTOC’s Cakerawala gas field, which will be the first JDA field to come on line. In November 1999, CTOC signed a gas sale agreement with Petronas and PTT, which will allow it to proceed with development. Gas production of 390 Mmcf/d will begin in mid-2002.
Malaysia accounted for approximately 18% of total world LNG exports in 1998. After a brief downturn related to the Asian financial crisis, demand for LNG is rising again. After much delay, Malaysia is proceeding with a long-planned expansion of its Bintulu LNG complex in Sarawak. In February 2000, Petronas signed a contract with a consortium headed by Kellogg Brown and Root for construction of the MLNG Tiga facility, with two LNG liquefaction trains and a total capacity of 7.6 million metric tons (370 Bcf) per year. The Bintulu facility as a whole will then be the largest LNG liquefaction center in the world, with a total capacity of 23 million metric tons per year (1.1 Tcf).
Apart from its existing customers, Petronas will be selling some of the gas from MLNG Tiga to Enron’s Metgas project in India. Malaysia also has sold some spot LNG cargoes to Coral Energy of the United States.
how can u say this country is yours when you do nothing for it ?
Mengapa kerajaan tidak menggunakan dasar yang sama (Singapre) terhadap Thailand?iaitu memastikan kemasukan kereta thai mesti bertangki 3/4 penuh juga?
Takkan nak kita bayar subsidi kepada mereka pula!
Harga beras wangi thai yang tinggi kita bayar itu,
dah masuk ke pocket mereka atau pocket siapa?
Can you imagine many of the government servants start to look for extra income part-time job?
1.?
How can a government servant works with great efficiency while he is more interested in his part-time job?
2.?
What will happen to people like us small trader, hawker & etc. There will be no more place for us anymore.
3.)
Due to competition, they will definitely slash the price to attract more customers. As least they have a full-time METAL RICE BOWL job’s income to do backup but WE DON’T.
4.)
With all the conveniences available as top priority, they might misused their connections or powers as extra advantages for their part-
time job.
5.)
The market and traders will killed by all these people at the end of the time.
6.)
There are a lot of government servants already extremely active in market for very very long time ago. MAS airlines staff & etc. also included but the airlines……. Enough lah ?
7.)
I think we have enough hypermarket.
Mini market, sundry shop and Chinese medical hall, how do they survive?
Please do consider this serious situation. Small traders are struggling right now.
.
Do you all believe in conspiracy theory?
Never mind that –
the gas price skyrocketed is due
to speculation like the previous years – the currency
speculation etc.
with the aim of hampering countries in asia esp. China,
India …
by of course the western powers nonetheless.
So asian countries should wake up to the fact that this
is no laughing matter
because it seems some one is trying very hard to put a
glass ceiling on asia
That is free trade and thats globalization …
.
NEP is not about bumiputra rights, it about UNMOputra robbing the country legally. Real NEP would have shown real result long ago.
hi! open air i agreed with you . The recent global crude oil hike got something to do with western power . Back in the year of 98 asian financial crisis was due to currency speculation to bring down asian finance and currency speculation fundamental is the purpose to create asian region a sets back towards western power in many terms ex: technologies, monetary , industrialism , etc
If our governance are accurate enough with a good wealth management , less corruption ,well planned our countries would not be in this situation anymore and i am strongly belief that with our rich nation resources we would be same pars as South Korean at least but …look like it we are towards country like zimbabwe…I can see that our country will be self destructed in the matters of time due to globalisation, poor wealth management,corruption etc.
Malaysia governance are not well prepared or less brain thinker about how to resist such a commudities blows.
What i did notice that during parliament i can see some of this low uneducated mp from BN are arguing about bocor,monkey,etc…well!
which lead out malaysia for a bad role model among other country region and many other country direspected us in malaysia .
To the hell yeah! to bring down the expired mp,pm, and other big shots who does not use thier calculator at all to calculate the risk,wealth ,resistance of crisis etc.
Try to think about Iraq bush war…why…why….!!! crude oil…. wealth ….. World crisis are on the way now……asian region will get hit again……some similarities to 98 crisis but now in difference kind of hits… using commudities…..
Look into Haarp,Iraq,Iran,China, Olympic etc.
Entertainment,Holiday & Subsidy= Bermuda Triangle & 10% cut..
Yes sir, its true ..All the details just like Bermuda triangle..Can fly in but no details when fly out..All the details dissapear until Pak Lah smart move to rejoice Malaysian with 10% entertainment allowance cut..
Pak Lim, can you try your best to voice out of find out the details of entertainment done by our beloved BN goverment.??.For sure RM2B just by cutting 10% is mind blowing..Its about 20Billion for entertainment,oversea holiday and ect..Why so much? Are they in some kind of business to entertain Mafia with gals and dope???Or spending money in casino in the name of ENTERTAINMENT???
With adding RM 20B subsidy ,they can even reduce the current oil price below RM1.50 per liter..One more thing, why do Malaysian have to sponsor their family holiday?? They never earn anything??or did they really deserve all this?? Please remind our BN goverment, that they not running MNC here or involve in somekind of entertainment business to spend all those hard cash on entertainment ..For god sake drag all this sick and dumb politician to BPR..Gather the entertainment details using your own intelligent and produce to BPR and police..
But the humor is,we are well blessed with Pak Lah stupidity until willing to reveal their entertainment & holiday package expenses publically..He is a great asset to our nation and hope he will stay longer enough to kill BN and himself ultimately with such revelation..Barvo Pak Lah..U are the best!!!
It’s not the curse of oil, but the curse of corrupted civil servants
http://www.nst.com.my/Current_News/NST/Friday/National/2266359/Article/index_html
Jeffrey, who’s he/she that cannot understand your posting?
From record, that is exactly what Petronas money had been for. The bailing of BBMB (twice) was Petronas money. Other incidences where the profits from the petroleum under our soil were used to rescued GLC and UMNO’s interest would be know had Petronas adopted more transparencies in its operation.
I am one who agree that Petronas had been one of the better run GLC, but the profits from its operations must be utilised in the manner that benefits the country. Petronas was set by enactment, I think, different from Petronas Gas and Petronas Dagangan – both ROC. Therefore Petronas cannot say it dispense off profits according to its own rules. The people have rights to the company as well.
Aside from contributing royalties and dividends to the country, Petronas has on a number of occasions been asked to bail out UMNO companies and cronies. Oknyua points to the BBMB bailouts. Another one was Konsortium Logistik, used to be owned by a son of Mamakthir. To be fair to Hassan Marican, he has by most accounts resisted participating in bailouts which did not endear him to Mamakthir. It will be interesting to see who UMNO puts in place of Hassan when he retires, which could be quite soon.
“benefits the country”
Stop day dream abt. this to happen, i’ve been alive in Malaysia for more than 30 years, i’ve not receive anything from the govt. in term of monetary and any benefit become a Malaysian?
What I’m seeing is a trend that Malaysian today are suffering more than in the past when things are cheap when char koay teow only cost RM 0.60 without eggs and RM 0.80 with eggs.
Are u saying in the past we’ve less ppl.? but i can see in the past, my grandparents have more than 4 childrens some died due to accident, some due to miscarriage etc. My father side have 7 childrens (my aunts and uncle) and my mother side have 4 childrens (i’ve 3 uncle).
Oknyua,
PETRONAS was incorporated on 17 August 1974 under our Malaysian Companies Act 1965 and therefore its corporate records are publicly available in the Companies Commission Malaysia which also takes on the role as Registrar of companies within meaning of the Companies Act. By Charter, the Petroleum Development Act, 1974 vests in Petronas the entire ownership and control of the petroleum resources in Malaysia. The federal government is the sole shareholder of Petronas. By its shareholding, ultimately the head of the Malaysian government – the Prime Minister – is the final decision maker in Petronas.
It is true that Petronas is a commercial enterprise and in the ordinary course is expected to be run in a rational, professional, economic and commercial manner with the purpose of developing the national resource and enhancing its shareholders’ value or wealth.
However because it is vested entire ownership and control of the petroleum resources which are the national heritage of Malaysians, it means that the Malaysian government and in particular its head (as ultimate shareholder) has to make decisions as if they were trustee for the sole benefit and well being of Malaysians and their future generations and generally in accord with the principles governing trustee, as the beneficiaries (Malaysian peoples) by broad mandate so direct, for their own benefit and well being.
Based on these principles, all bailouts, which are not justifiable, are a form of frittering of the peoples and nation’s wealth constituting a breach of trust on the part of the trustee.
The contentious issue is of course what is justifiable and what is not. Whether the bailing out of BBMB (twice) – or acquisition of Damai Complex/acquisition of Petronas Twin Towers is beneficial or not, well, you have to take issue of pros and cons with Petronas current advisor, TDM in his blog!
Having said that, what Godfather said – that, “to be fair to Hassan Marican, he has by most accounts resisted participating in bailouts which did not endear him to Mamakthir – appears to be the general market perception. Hassan Marican must be very stressed – and squirmed – whenever Mamakthir asked, “Got any new oil reserves found, any rig struck oil etc???”.
Yah Konsortium Logistik, which according to Godfather “used to be owned by a son of Mamakthir”, disposed its shipping business to MISC for US$220 million in wake of currency meltdown in the second half of 1997 and MISC was 62% owned by Petronas. Ironically, if I were not mistaken, what started as bail out eventually turned out commercially profitable for Petronas, in the case of Konsortium Logistik! (If I were not mistaken MISC sold the vessels they acquired from Konsortium Logistik at over USD 500 million to foreign interests at the time shortly after TDM retired, so he is scoffing at detractors, “you see, you see, I told you so!”… :)
All the problems reported that delay the installations of new NGV pumps were only smokescreen, the real truth is they cant decide who should get most of the contracts to install the pumps!!! whether AAB’s familiy members or cronies !!!
//“Since the formation of Petronas in 1974 to last year, the company gave the Government RM335.7 billion out of a total profit of RM570 billion,” he added. Do we need further disclosure//
Jeffrey,
How is this profit of RM570 billion arrived at? What is the total revenue and what are the expenses? Are those billions used for bailouts and donations to UMNO included as expenses in arriving at the RM570 billion profit? I think we need more disclosure.
Come on. Don’t blame the oil. There’s no evil in the oil. The devil is the GREED of man. There’s no check and balance. BN has long been left doing evil unchecked.
I foresee, NGV will be the 2nd alternative.
To all! do you guys know why!
I can still remember in the mid of 80 one of my father fren own a volvo with our conventional cooking gas cyclinder install inside the car boot for fuel purposes just like how we install our NGV tank .
My question is why there are no such technologies for conversion
for such type to ease long que for NGV gas refill.
To all again ! it is in star newspaper a reader suggesting that Tractor (M) Sdn Bhd in puchong are installing NGV and conversion kits for a price of RM2300 for all proton car and non proton car will cost for RM3200 .
Can someone give us the detail about the conversion in Tractor (M) Sdn Bhd i need the contact number
Some 33% of the government’s annual budget are derived from oil revenues – that is bad financial management. Malaysians will have a rough time if our oil reserves run out in the near future (probably by 2014).
The government should quickly look for other money-spinners e.g. biotechnology /nanotechnology driven industries, food agriculture and cattle-rearing to help overcome shortfall in the national budget due to depletion of oil reserves before it is too late.
Now only we are talking about Thomas Freidman. Old story already and not necessary valid also. Will endowment of oil ipso facto cause a curse? Give the oil to Singapore and see.
Who is this phua tang sai aka bernadette? Don’t tell me he is killer in disguise.
Can someone comment if ordinary Malaysian can take action against PM by simply suspicious of mulpractice with the fact a net crude oil exporter shall not suffer from increase in crude oil price?
To stnaaron, u can try call 03-61886600 somewhere in Batu Caves.
Most Australian Cab are already using Natural Gas since it is less or zero pollution compare to conventional petrol fuel.
This is another trend to be environmental friendly, it is not the end of the world if fuel price increases tomorrow.
I hope national car will soon come fitted with NGV option.
“We should blame the mass media for not analysing national issues objectively for fear of annoying the government.” – Mr Smith
Mr Smith, most of the mainstream media (MSM) are owned by the BN parties.
It’s quite obvious why they want to own them.
NGV- natural gas vehicle conversion.
Full kit plus installation RM2,300
NGV RM0.68 sen per liter (Petronas stations only)
1 tank 12 liter capacity. Usage 130km to 160km
Require inspection by Puspakom.
Contact Tractors Malaysia, Puchong
Tele 03 80601178
1. Covert your car to run on Liquefied Natural Gas (LNG)
a) Why?
It saves 70% fuel price. That is to say if a journey costs RM1.00 by petrol, it costs only RM0.30 by LNG.
b) What is the cost of conversion?
Around RM2,500 – RM2,700 for Proton Wira and Kanchil but can be as much as RM7,500 for cars over 2000cc.
c) Where to get LNG?
At some Petronas petrol stations – currently only 60 such stations are selling LNG but the government said the number will reach 110 by year end and finally 200.
e) How about maintenance?
It costs only RM45 every 3 months to maintain the LNG system.
f) Can I still run my car on petrol after conversion?
Yes.
g) When is the best time to do the conversion?
Wait until after 16th September 2008 ‘coz Anwar said PR is on course to take over federal government before 16/9/08 and will lower petrol price once wields power.
2. Tips to save petrol consumption on your car:
a) Maintain a driving speed of 90Km/hr if possible. Best “petrol vs mileage” performance is achieved at 90Km/hr.
b) Fill your car only half full with petrol if possible – a heavy vehicle consumes more petrol than a lighter one.
c) Make sure all 4 tyres are fully inflated at all times to reduce road friction.
d) Reduce the frequency of braking, especially when the car is running at high speed.
Thank you! lakilompat and yhsiew for the info
yhsiew, thanks for sharing the good info. As far as I know Penang Island don’t have any station for LNG. Please remember us when PR takes over.
Let the prices in the shops shoot up first, then the government will think how to let down again. Top class government!
You people must take note that the reason why there are so few LNG stations is because the gas is also heavily subsidised. Petronas is actually trying NOT to sell you more gas, not because they are slow in setting up LNG stations, got it or not? Pgsilai, you can wait lah, till the cows come home, there will be no gas for you!
lakilompat Says:
I foresee, NGV will be the 2nd alternative.
I say no way! You can read my lips.
No curse on oil but curse given by those people who blindly votes for BN and deaf to listen to oppositions parties.
Curse also for those selfish and lazy people who is so handicap sits around and complaints which do not go for votes for their future.
Curse also to those alchoholic workers who are so busy with their works and do not care about their country’s future lay in BN’s (blood suckers) hand.
Curse to those selfish bosses who doesn’t allow their staffs to paid leave to vote in GE13.
Curse also to those traitors who have taken BN’s money for bribe during the GE 13.
Curse also to those people for stopping people to votes for oppositions.
These are the bad karma cause by them…..now feel the pain!!!
The government has not choice so it is understandable that they have to increase the fuel price in order to reduce the bleeding of the government. They should not however let us, the bumiputra of Malaysia soil to pay the price as we are entitled to special right under the Constitution. As the son of soil, shouldn’t we have a share in the oil that come out from the soil as well? The government should continue to subsidize the same amount for Bumiputra so that we can remain competitive with the other races.
“… read my lips.” leekamput
asking people to read your lips is simply daft!
for someone who continue to use the word daft for no reason is simply daft. A real phua tang sai here.
Per Kasim Amat’s posting at 23: 10.54, the government made mistake; it forgot that NEP should extend to pump petrol & diesel prices with two tier pricing based on dichotomy of Bumiputra/Non Bumiputra.
Jeffrey, i think you are smarter than to responding to a soiled person who culture is to take and take but never to give.
Part time job for government servants??? One more hare brain ideas of our Bodohwi who, we can be very sure, is much pleased and smirked with himself for having come up with that idiotic and ridiculous idea all by himself. One thing we can be very sure of is for that Bodohwi to amaze us more by coming up with really stupid and ridiculous ideas to “ease the burden of the Rakyat”. How very thoughtful of that sucker!
Ah Tsunami, lovely is the word and deadlier is the force, it seems, that the killer wave is back again, will it wash these baskets clean this time?
ADVERTISTMENT!
“BE SOUND ASLEEP WHEREVER YOU ARE WITH “THE EMPEROR”‘s range of PYJAMAS.
:D
“You people must take note …” linkamput
only an arrogant twat would address others as “you people..”
limkamput and Jeffrey, with all due respect, if NEP can be extended to education and job, why can’t it be extended to other things such as pumping petrol and food? This is the perfect timing and it is fully legal to do so.
bernadette Says:
June 15th, 2008 (3 days ago) at 01: 18.59
“You people must take note …” linkamput
only an arrogant twat would address others as “you people..”
…oh dear Bernadette..it says a lot about yourself by referring one as ‘ arrogant t**t compared to “you people – by limkamput”. As a reader, I felt really embarrassed, uncomfortable and offended by your choice of word. But again, it’s your choice and this is just my opinion.
That’s fine to have oil increase. But, pay yearly minimum fees to car owner … is not long term solution.
Why more and more cars on the road? Everyone knows poor public transport for Malaysian. Please! many states are still not having proper public transportation system. Can’t you expect people to walk 30min to take a public transport or walk another 30min to destination after taking bus.
We need immediate long solution to impose. We have waited for years and years. Why people in Singapore, HK, China’s city can survive without cars/bikes but not in Malaysia? Why?
Oil creates Global Warming. Will mankind in earth survive in next few centuries when global warming becomes the worst?
By having good public transportation system, lesser oil will be consumed, therefore less air pollution to protect future earth.
With low demand of oil, it will drive the oil price lower.