I still remember some 6 to 12 months ago, people were talking and blogging about Petronas like everyone’s business and there’s no tomorrow. suddenly they know about jet fuels, Petronas operating unit, sweet and sour gas, brunei-singapore-vietnam petrol prices and many other o&g jargons. what they don’t probably know is that how brunei experience the ripple effect whereby their subsidies quadrupled within 5 years. they don’t know that Brunei has finally gone into serious islamic banking, only after a decade malaysia has started, to counter the turmoil effect realizing that their oil supply is soon bound to decline. not that i want to single out their shortcomings, but these people should be more analytical before blogging/talking; in the overall perspective that is lacking

Hisotical data is clear that oil prices is always tied with inflation. we have seen in 1972, 1980 and 2002. how does this relate to petronas, subsidizing, importing and exporting of oil and gas? of course, there is but absolutely minute and indirect. but then, when the oil price started to drop sharply, all the corridor talk ceased.

Comparison of oil price simply can’t be made apple to apple on Malaysia against other countries. Oil price is not simply price per litre per se. Inflation, CPI or GDP, real rates must be taken into consideration. Malaysians must start to realize how much money is at stake, Petronas is responsible for. They should know that Petronas asset is now worth RM200 billion worldwide, is employing more than 25000 staff, and has given back RM 400 billions in 35 years of service of which used to spearhead Rancangan Malaysia ke 2 to RMK9. Are we not doing well? or do we want to be like Venezuela, Cuba or Indonesia?

and today, petronas is about USD 30 billion away from Shell, a company that has existed for 100 years, while the former has only been here for 35 years.

if the wealth and profit is still questionable, ask the government perhaps, please do not blame petronas, the management, or in particular the staff. we are doing business, like you are.

This entry was posted Wednesday, June 3rd, 2009 at 1:37 pm and is filed under Consumerism. You can leave a response, or trackback from your own site.