Update:
129 Ahli Parlimen BN menghalalkan tindakan menderitakan rakyat kesan dari kenaikan harga bahan bakar.
78 Ahli Parlimen Pembangkang menentang.
Ahli-Ahli Parlimen PAS berpandangan Petronas bersalah, harus disalahkan dan harus dihukum kerana kenaikan harga runcit bahan bakar tempatan.
Ahli Parlimen PAS Shah Alam menuduh rakyat yang memberi subsidi kepada Petronas. dengan erti kata lain, gaji perkerja petronas pun rakyat yang bayar.
Tak tahu apa lagi nak kata.
It is true; fuel subsidy was never in the government budget. It is not just that, even the food subsidy was also never in the budget. As a result, it is an expenditure ‘unaccounted for’ or, an expenditure that never being paid by the government. As a result, fuel and (today we knew that) food subsidy too are not something that government had to pay for from either taxpayer money or from any other government income
In page 8 in today ( Monday, June 23, 2008 ) New Straits Times, Domestic Trade and Consumer Affairs Minister, Shahrir Abdul Samad was reported as saying, “…last year the subsidy bill, excluding food and fuel was RM9.2 B”.
With that Shahrir confirmed Kickdefella’s finding that fuel subsidy (and food too) is not in the treasury reports and also not included in the budget.
Shahrir however contradict himself when he points out that, “Add food and fuel and it (the subsidy spent) came to over RM30 B”.
There seems Shahrir himself is getting dumber and dumber each day.
• How can government spent RM30B extra without reporting it to Parliament.
• How can government used extra RM30B and it goes unrecorded in the Treasury records.
• Why did the government did not reveal the real amount she spend or planning to spend it in the budget when they presented it to the Parliament each year.
• The Second Finance Minister, Nor Yakcob claimed the government spent RM35B alone for fuel subsidy but Shahrir claimed RM30B and that already included food subsidy too.
• What is the actual amount the government spent on subsidy?
• Is there other subsidy too that the government spent such as “Subsidy for Abdullah’s daily usage of diapers” or “Rosmah’s C4 allocation” which goes unrecorded?
• Do the government actually spend money for subsidy?
My fellow Malaysian, does the government actually spend money on subsidy?
My findings show that the amount of subsidy which government claimed totalling from RM30B to RM50B depending on whose big mouth you want to believe is not recorded anywhere. If the government actually spend those amounts, it should be listed in their reports.
Whose money does the government actually spend?
My findings lead us to only one outcome in regards of the fuel subsidy. The ‘subsidy’ actually came from the exchange of crude oil by Petronas. And as nobody shoots me down on this, I tend to say that I am almost correct about it. Maybe 99% correct and if I was wrong, it is only on the details of the exchange.
This will mean,
• Whenever the crude oil price increase, our crude oil price too increase.
• Let put it this way, X is the market price for crude oil that we import.
• Y is the market price for crude oil that we export. The reason our price is Y because ours are Sweet and Light and it is called the ‘Tapis Blend’ which is the most expensive grade in the market.
When the price in the market increase, it will mean that,
• X prices increase.
• Y prices increase.
So why do we spend more money to meet local demand when the market price increase?
The answer is we do not. Yes, we do not spend extra money to get the crude oil we need for local market.
(Petronas has done a wonderful job. It is undeniably that we owe this to those hardworking yet underpaid Petronas staff.)
As a result I do not understand why certain politician from the opposition are blaming Petronas and wants to demonstrate in front of the Twin Tower. They should indeed demonstrate (if they know nothing better to do) in front of the Treasury or in front of Abdullah’s Seri Perdana.
But if I am them, I would just get my facts right and pursue the matter in more civilise manner.
• Try to take some sort of court order to try to stop the government from doing what they are doing. Don’t ask me on what ground they should do it. They are the one who is getting paid for being the ‘Wakil Rakyat’.
• Our judiciary system is much more independent now, right?
• We just paid those ‘rebel’ judges undisclosed amount as ex gratia payment so all the judges should not be worried, because if they go against the government, one day, they will get extra earnings for it.
• File police report if you trust the police.
• File report with the human rights commission because Malaysian has lost certain expect of their rights by the increase in fuel prices.
Last but not least, organise a road show all over the country and explain the truth to the people. They are best at ‘ceramah’ right?
And after that road show, lets gathered 1 million or more Malaysian to peacefully walk to Seri Perdana and all the Minister’s house and demand they reduce back the price of fuel.
I shall be there. I know my readers will be there too.
Bro, great job..very great job..i think u have very ‘right’ channel through Dato Husam..i’m sure u will do necessary action to put it forward..well done…
Spot on.
Petronas is made a scapegoat out of the oil subsidy debacle. Worse, the opposition bought the stupid idea that it was Petronas’s fault.
Khairy wanted Petronas account to be made public because he and other politicians want it to be floated in the KLSE, so that he and a few hundred ars*hol* will be super-rich in a blink of an eye.
Petronas is a well-run GLC. The workforce and management is considered one of the best in this country (if not the world). Not many people know that Petronas salary is far lower than the industry standard and almost all new employees now are contractual staffs (I have a friend who works as a driver, contractually for 18 years).
Petronas do not pay tons of money to their staff as many believe. In fact, I’m worried that too much money are being paid to the government up to the stage it’s jeoperdizing the company’s existence.
We must keep the hands of politicians (whether BN or PR) out of the Petronas management or else it will become like Indonesia’s Pertamina
(Petronas has done a wonderful job. It is undeniably that we owe this to those hardworking yet underpaid Petronas staff.)
thanks sheih.
petronas actually contibute 40% of its income to the government. that’s exclude tax and other remunerations.
Subsidi RM 50 b itu mungkin kumulatif sejak dari dulu.
ATAU
jangkaan nilai subsidi 2008, jika harga minyak RM 1.92.
Hi Bro,
Insyallah, I will be there also. Most of the time I agree with you. For opposition, please do your facts right. Don’t just simply opposed. What you did to Petronas and their staff is not right. We have to protest to the government especially the flip flop PM.
Salam.
Salam Bro,
You got it right. Don’t blame Petronas. If I may add, our MPs (both BN and PR) should raise this issue in parliament and press the government to fully explain the subsidy mechanism. I’m writing to my MP on this.
Bila pula pembangkang kutuk petronas sebab kes kenaikan harga petrol ini? bila pula PROTES hendak berdemo depan KLCC. PROTES mahu demo di padang PJ sebenarnya.
Saudara janganlah mengatakan berdemonstrasi itu tidak bertamadun. Jika tidak bertamadun, saudara sendiri tidak bertamadun kerana saudara juga turun di dalam perhimpunan BERSIH dahulu. (atau saja nak ambil gambar).
Saudara sepatutnya berilah sedikit moral support kpd mereka yang hendak turun ke PJ 6 Julai ini, kerana mereka yg hendak turun ke PJ nanti, tidak pun memperkecilkan saudara berjuang hanya melalui blog.
Kita sama-sama berjuang syeikh.
Sheih Said: Salam, Ahli Parlimen PAS Shah Alam baru sahaja belasah Petronas di Parlimen 23/6/08. Ahli2 Parlimen PAS juga ikut rentak sama dan lebih tergamak serahkan hasil bumi kepada orang luar untuk dapat keuntungan. Sekadar update!Salam Sheikh,
i’ve been reading your blog regularly and have been impressed by your recent investigative journalism on the price/fuel hike. I would like to know what software are you using for the numerical layout/analysis/pullout/highlight in the blog?
Thanks and have a pleasant day.
emm.. yes i’ll be there to… good jobs bro… hope the whole malaysian know this fact
Why is my message on this subject banned?
Put it out and be democratic.
Ha.ha.ha…. Its time mid term review of RMK 9. Our front line MP should start learn to focus on how to read financial report and Not too many rhetopric ceramah about Islamic state and Hudud Law only.. Perhaps Perlis Mufti has outlines the right ingredients for Azman Supawi to digest.
Kelantan Do not have to declare its Islamic state status, but people accept its social state values without any doubts or concerned.
Its timely we move on to the bigger picture of the national agenda because PAS is the only solution for our future generation.
Forget about PKR ! It is just a passed over plagues that will distort our political and social economic stability for a single person’s political ambitions who worship IMF and US supremacy!
Keep up with the hard works and get more people to know PAS and making PAS known!
Hassan Merican keep saying about ExxonMobil’s (the best managed oil company in the world) profit only increase about 1 bil last year and implying Petronas also didn’t make a lot of money during this period of high oil prices. While I read Mahathir statement in your blog saying the cost of operation didn’t increase much at all. It is all contradictory to me.
yup..some politicians do have nothing to do besides gather in front of petronas KLCC..why not gather at Seri Perdana or somewhere more relevant…
thanks for straighten things out
Salam,
Ambo nak ucap timo kasih sebab entry ni paling sedap sikit kawe nok baca (kalu demo staff petronas, demo ake taula mace mano rasa dua tigo menjok ni). Meme setuju sangatla denge facts demo tu.. sebenarnya ambo nok tamboh sikit yang Revenue Gomen lo ni 35 % adalah petronas yang bagi.. Jadi logiknya……. hampir 1/3 gaji Pok Loh, tu kawe n geng kawe kijo tolong bayar… kalau gomen buat jale 6 lorong, 2 lorong tu mungkin dari duit petronas…. (tapi staff petronas pun samo mace oghe lain, kena bayar tol, minyak pun samo denge oghe lain (takdok kelebihe jadi staff petronas ni)
Tapi ambo tok kisoh… sebab kijo ni ibadat… keno buat sebaik mungkin untuk dunio dan jugo akhirat…..
Satu lagi hok oghe lupo la.. Minyak tu Allah yang boieee… Allah buleh tarik bila2 maso je… Tok yoh dok ceghito la pasal Reserve hok kito ada…. yang penting kena bersyukur apa yang ada dan keje mesti kuat dengan niat nok tolong saudaro2 semua dan anak cucu kito esok2.
On your last statement tu…. what can I say …. YOU’LL NEVER NEVER ALONE …. kato peminat leverpooolll…
Wassaam
Agree with You. So many people are blaming Petronas right now. Pity them. They are underpaid, if we follow industry standard. Their contributions are very huge, it is just govt’s spending that is very bad.
FOr your question on why we pay more when crude oil price increases( as Petronas income increases too), the govt said that not all money from Petronas is used for subsidy. Some of them are used for development. That’s what they said.
[...] tanda tanya….. dan untuk itu, lebih baik anda sendiri yang membuat tafsirannya… (sila klik sini untuk [...]
Bro…
Amother great article from you…
i’m going to republish this on my blog..can aaaa ??
Sharir Samad terlalu tua untuk menyelesaikan masalah negara kecuali dia sanggup menghitamkan rambutnya semula.
Sebagai tukang dobi, dia hanya tahu membesihkannya menggunakan ‘detergent’, semakin degil kotoran, semakin banyak ‘detergent’ digunakan.
Shieh loves to see see thousands protest at Dollah’s door steps…and we all now why…don’t we?
He deleted my opinions against his findings…somewhat making the oppositions look like being unfair to protest at Petronas Twin Towers.
Well…my reply to him…is at Anwar Ibrahim’s blog!
Yip….a friend can sell off another friend….just for pro politics.
hahahaha… hilang idea nak komen
aku dok gelak kat Monsterball
hahahaha…
[...] has done it again. Got this new post up for read from Kickdefella. [...]
Sheh,
Another hard knock indeed. Let the readers themselves to challenge your statement and I personally believe that some MPs of even those who walks the corridor of power, do read you blog. It’s up to them to explain. I already had a problem to fuel up since the recent petrol price hike. To get a second income is just too stressfull for a family man. The truth is out there and we have people like you to light up the alley. keep it up.
please allow me to reproduce this piece on my blog
APA Kata Staff Petronas.
Dear all,
After reading all the chain mails and blogs, I feel called to reply, because of the relentless attacks and allegations — most of which are inaccurate or baseless — against PETRONAS.
PETRONAS’ STAFF SALARY & BONUS
1) The salaries paid to PETRONAS’ employees are not as high as people think. At best, they are just industry average. And these are not attractive enough for some who left PETRONAS to find work at other companies ( mai nly from the Middle East ) which are willing to pay more. Why do they pay more? The oil and gas industry worldwide has been facing acute shortage of qualified or experienced personnel, so most companies are willing to pay lots of money to entice and pinch staff from their competitors.
Bonus? There has NEVER been a bonus amounting to 6 months or 12 months throughout the 33 years. On average, it is 2 months. But don’t ever think we don’t deserve it. We more than deserve it. A lot of us work really hard, some in the most extreme of conditions. Those who have been to and worked in northern Sudan , for example, would testify that it’s like working in a huge blower oven. Southern Sudan , on the other hand, is almost all swamps and mud. Imagine having to go through that kind of heat, or waddling in muddy swamps, day in and day out.
QUALITY OF CRUDE & REFINED PRODUCTS
2) Malaysia produces about 600,000 barrels of crude oil per day (and about 100,000 barrels condensate). Of this crude volume, 339,000 barrels are refined locally for local consumption. The rest is exported (and yes, because it has lower sulphur content it fetches higher prices).
Malaysia also imports about 230,000 barrels of crude oil per day, mai nly from the Middle East , to be refined here. This crude oil contains higher sulphur and is less expensive (so the country gains more by exporting our crudes). In Malaysia , this crude is processed by PETRONAS at its second refinery in Melaka, and also by Shell at its Port Dickson refinery.
Different refineries are built and configurated to refine different types of crude. And each crude type yields different percentage of products (diesel, gasoline, kerosene, cooking gas etc) per barrel.
But most importantly, products that come out at the end of the refining process have the same good quality regardless of the crude types. That’s why PETRONAS, Shell and Exxon Mobil share the same pipeline to transport the finished products from their refineries to a distribution centre in the Klang Valley . The three companies collect the products at this centre accordingly to be distributed to their respective distribution networks. What makes PETRONAS’ petrol different from Shell’s, for example, is the additive that each company adds.
PETRONAS’ ROLE, FUNCTION & CONTRIBUTION
3) A lot of people also do not understand the role and function of PETRONAS, which is essentially a company, a business entity, which operates on a commercial manner, to mai nly generate income and value for its shareholder. In this case, PETRONAS’ shareholder is the Government.
In 1974, when PETRONAS was set up, the Government gave PETRONAS RM10 million (peanuts, right?) as seed capital. From 1974 to 2007, PETRONAS made RM570 billion in accumulated profits, and returned to the Government a total of RM335.7 billion. That is about 65% of the profits. That means for every RM1 that PETRONAS makes, 65 sen goes back to the Government.
Last year, PETRONAS made a pre-tax profit of RM86.8 billion. The amount given back to the Government (in royalty, dividends, corporate income tax, petroleum products income tax and export duty) was RM52.3 billion. The rest of the profit was used to pay off minority interests and taxes in foreign countries (about RM7.8 billion – PETRONAS now operates in more than 30 countries), and the re mai ning RM26.7 billion was reinvested. The amount reinvested seems a lot, but the oil and gas industry is technology- and capital-intensive. Costs have gone up exponentially in the last couple of years.
Previously, to drill a well, it cost about US$3 million; now it costs US$7 million. The use of rigs was US$200,000 a day a couple of years ago; now it costs US$600,000 a day.
A lot of people also do not realise that the amount returned by PETRONAS to the Government makes up 35% of the Government’s total annual income, to be used by the Government for expenditures, development, operations, and yes, for the various subsidies. That means for every RM1 the Government makes, 35 sen is contributed by PETRONAS.
So, instead of asking what happens to PETRIONAS’ money or profits, people should be questioning how the money paid by PETRONAS to the Government is allocated.
CRUDE EXPORTS & FUEL PRICES
4) A lot of people also ask, why Malaysia exports its crude oil. Shouldn’t we just stop exporting and sell at cheaper prices to local refiners? If Malaysia is an oil exporting country, why can’t we sell petrol or diesel at cheaper prices like other oil producing countries in the Middle East ?
I guess I don’t have to answer the first couple of questions. It’s simple economics, and crude oil is a global commodity.
Why can’t we sell petrol and diesel at lower prices like in the Middle East ? Well, comparing Saudi Arabia and other big producers to Malaysia is like comparing kurma to durian, because these Middle Eastern countries have much, much, much bigger oil and gas reserves.
Malaysia has only 5.4 billion barrels of oil reserves, and about 89 trillion cubic feet of gas. Compare that to Saudi Arabia ’s 260 billion barrels of oil and 240 trillion cubic feet of gas.
Malaysia only produces 600,000 barrels per day of oil. Saudi Arabia produces 9 million barrels per day. At this rate, Saudi Arabia ’s crude oil sales revenue could amount to US$1.2 billion per day! At this rate, it can practically afford almost everything — free education, healthcare, etc, and subsidies — for its people.
But if we look at these countries closely, they have in the past few years started to come up with policies and strategies designed to prolong their reserves and diversify their income bases. In this sense, Malaysia (and PETRONAS) has had a good head start, as we have been doing this a long time.
Fuel prices in Malaysia is controlled by the Government based on a formula under the Automatic Pricing Mechanism introduced more than a couple of decades ago. It is under this mechanism that the complex calculation of prices is made, based on the actual cost of petrol or diesel, the operating costs, margin for dealers, margin for retail oil companies (including PETRONAS Dagangan Bhd) and the balancing number of duty or subsidy. No retail oil companies or dealers actually make money from the hike of the fuel prices. Oil companies pay for the products at market prices, but have to sell low, so the Government reimburses the difference — thus subsidy.
Subsidy as a concept is OK as long as it benefits the really deserving segment of the population. But there has to be a limit to how much and how long the Government should bear and sustain subsidy. An environment where prices are kept artificially low indefinitely will not do anyone any good. That’s why countries like Indonesia are more pro-active in removing subsidies. Even Vietnam (which is a socialist country, by the way) is selling fuel at market prices.
PETRONAS & TRANSPARENCY
5) I feel I also need to say something on the allegation that PETRONAS is not transparent in terms of its accounts, business transactions etc.
PETRONAS is first and foremost a company, operating under the rules and regulations of the authorities including the Registrar of Companies, and the Securities Commission and Bursa Malaysia for its listed four subsidiaries (PETRONAS Dagangan Bhd, PETRONAS Gas Bhd, MISC Bhd and KLCC Property Holdings Bhd.
PETRONAS the holding company produces annual reports which are made to whomever wants them, and are distributed to many parties and places; including to the library at the Parliament House for perusal and reading pleasure of all Yang Berhormat MPs (if they care to read). PETRONAS also makes the annual report available on its website, for those who bother to look. The accounts are duly audited.
The website also contains a lot of useful information, if people really care to find out. Although PETRONAS is not listed on Bursa Malaysia , for all intents and purposes, it could be considered a listed entity as its bonds and financial papers are traded overseas. This requires scrutiny from investors, and from rating agencies such as Standard & Poor and Moody’s.
BOYCOTT PETRONAS?
6) The last time I checked, this is still a democratic country, where people are free to spend their money wherever they like.
For those who like to see more of the money that they spend go back to the local economy and benefiting their fellow Malaysians, perhaps they should consider sticking to local products or companies.
For those who like to see that the money they spend go back to foreign shareholders of the foreign companies overseas, they should continue buying foreign products.
[...] Shahrir Confirmed Kickdefella’s Finding [...]
even though i’m a PAS member but many statements by PAS MPs really hurt me. i hope they do some research and use the God given brain before making stupid unsubstantiated statements.
My husband works hard, never come home early-many times meeting start at 8.00pm meaning that he will get home almost in the morning and has go back to work the next day before 8.00am with no excuse. he never took a day off after a tiring oversea trip which took more than 24 hours fight. HE went straight to office from the airport. he works his butt off and some of our friends, just in the late 30s and early 40s dropped dead-literally- cos of stress at work. for what? for a lousy pay less than 1/3 of industry standard. My hubby, a technical professional (senior manager) was offered RM50,000.00 per month to work at Qatar Petrol but i said lets be loyal to petronas and this country. this is what we get. Many left petronas. petronas spent millions in training and other companies reap the benefit. Just imagine what would happen to petronas if they lose more of its well trained professional.
Thanx for pointing this out. at least you appreciate the hard work petronas staff do. we felt appreciated
not all of those in Petronas are underpaid. Some are overpaid. There are also people in Petronas who only knows how to Boss people around and steal whatever credit for themselves. Not all though but the numbers are significant. Even SOME fresh graduates have no qualms claiming credits of other people for themselves and boss people like slave drivers.
Ya Sheih,
Bravooooooooo…..keep doing this…..Let march to Sri Perdana……
Aku pun heran camana belaja “subsidi boleh at the round figure”, 30B..35B…
Grupanye, semua tu tipu belaka….hahahahhahahahahaaaaaahhhhahahah.
So sape yang pangkah BN dulu kira kena tipule demo la ni..Tapi sesapa yang kena tipu moh kite pakat pegi Sri Perdana….ambe tak kene tipu.
adious…Salam
The terms used by the government can meant a different things. For a goverment dept when a budget is allocated to them say RM 100million. They need to finish this money by hook or crook so there comes the abuses of funds, politics etc.
Whereas in the private sector we operate a flexible budget based on the company’s forecasted income ie. if we see that we are not meeting sales/profit target we also will slow down on expenditure especially administration related expense. And focus on those that will bring income to the company. Of course administration of goverment is not the same with companies but there are certain things/practices that the government can emulate from the private sector.
What they meant by ’subsidy’ may not be what it is actually meant in the private sector. So be very careful with their terms as it can be misleading and be used and abused by politicians for their own benefit and gains! Further more we may have half ‘dungu’ reporters reporting from their newspapers who copied everthing said by the ‘dungu’ politician!
Bro,
To certain extend you are right!
I think you need a little bit more data for the the fuel price in simple manner, so simple/Village people can appreciate more. As an example, we buy crude USD X/litre, production plus whatever Petronas cost required to produce petrol USD Y/litre, pump station margin USD Z/liter and TAX …….then we total X+Y+Z+tax = ???? is it RM 2.70?….I doubt!!………this is the one missing from government even Tan Sri Hassan explanation to the simple people like me……….To Tan Sri Hassan, please don’t behave that you own Petronas ! Petronas is ours, Malaysian people own it..you just manage it!…..is our right to questions how you manage……your staff have to go offshore or other place is already being paid for with some others perk………..they get bloody good paid for that service…..otherwise how can they drive BMW/mercedes, living in semiD houses if under paid!……..I know because I was there before……Don’t say they are under paid! they got others perk that most malaysian people don’t know, to me the total package is compareable to others oil & gas companies or may be higher if you holding a bigger post ….. by the way is their choice to decide what they want to be!…….
Ini baru pertanyaan di DUNIA………..belum lagi pertanyaan di Akhirat…….pikir pikir kan la wahai petronas staff how you manage hak orang ramai…
anyway i must agree that the fuel price is nothing to do with petronas! however petronas should advise to the gomen what should be the price which not to burden malayasian people especially people who work as cleaner or guard downstair of your bloody expensive building! Oil is petronas business, they are the expert, they manage the refinery, so they shall tell the truth! currently they are telling me STORY…..
Sepatutnya m’sia xkan ada masalah dgn kenaikan hrga minyak dunia, because Petronas has done it’s duty by making profit sbb kita jgak pengeluar minyak. kenaikan hrga minyk dunia sptutnya boleh ditampung oleh kerajaan dengan keuntungan yg kita dpat hasil dr jualan mnyak yg dilakukan oleh Petronas because petronas has paid all the tax,dividen,profit,royalti and what so ever to the goverment and yg tggl baki tu sja milik staff2 petronas(we are not welfare workers we have fmly to feed, tax to pay,tol to pay, we also need to fill our transport with fuel at same price like other peoples also) yg bkrja keras siang malam tggal family bersabung nyawa tengah laut working in the most dangerous place in m’sia ( we are talking about gas and fuel u know that can be blown anytime even with minor ignition) but still we don’t say anything about our underpaid salary if compare to industry standard! So please don’t said this was Petronas fault, where is all the money that goverment receive from petronas, ask them where they spent all the money? ask them to detailed out all the money that they’ve said they used to other development that benefit the rakyat(kalau ada la) every cents of it!
Dear akuhina
Why nak merungut??? ko yg pilih kerja itu, so what…..anyway you have been paid for the service with others perks which some people don’t have it………kalau tak suka, nak merungut keja lain la……….itu pilihan ko, ko yg pilih…buat kerja biar ikhlas!!!!!!!!!!
Salam Sheikh,
Enjoyed this piece. Good piece of investigative journalism.
Considering the lies from both sides of the camp…
Check this out:
“Kisah Sebenar Harga Minyak”
http://umnodu.blogspot.com/2008/06/kisah-sebenar-harga-minyak.html
Cekmek molek
I appreciate what your hubby is doing working in our NOC (National Oil Company), however you must understand what is loyal means, very subjective……what for if the company is not loyal to you? what is your feeling if your hubby/boss/leader etc are not loyal? will you stay with them…….in current scenario we must be objective, what we want exactly
MIA……….
The firs exlaination je ko dah tipu, minta maaf la pada pembaca………ni aku nak betulkan fakta….in 2005before I resign… we get 4 monts bonus plus 2 months for 30 years petronas celebrations, so in total is 6 months salary!! I just wonder, are you petronas staff? if so… how come you forgot this fact!
the others explaination it just repeat what hassan story……now the focus is about the people, inflation, etc
Dear Bumi_bertuah,
If all petronas staff accept your suggestion to quit from petronas bleh imagine x bpa hrga minyak in our country? I bet ko nk bli basikal pn xmmpu!! please appreciate skit, at least we have contribute to the nation, do you? Kalau nk sruh org ikhlas tak pyah byar gaji laa keja free ja bru ikhlas btul, please understand first what is the real meaning of ‘ikhlas’ don’t just simply use it to manipulate others, ngaji bg abih dlu noo:)
http://www.utusan.com.my/utusan/info.asp?y=2008&dt=0624&pub=Utusan_Malaysia&sec=Muka_Hadapan&pg=mh_01.htm
Bumi_Bertuah,
You said:- “petronas should advise to the gomen what should be the price which not to burden malayasian people”
My Answer: Is that the root of your anger? Yes, Petronas should if Hassan Merican is the Finance Minister.
You said: “they are the expert, they manage the refinery, so they shall tell the truth!”
My Answer: Ask your MP to fight in parliment to amend Petroleum ACT. Under the law, Petronas has to table their account to PM only. Is it Petronas’s fault? No.
You said:”they get bloody good paid for that service…..otherwise how can they drive BMW/mercedes, living in semiD houses if under paid!”
My answer:I smell jealousy here. I believe that one is paid according to the VALUE and SERVICE one renders to the community. I believe the service of most Petronas staffs go beyond the act of making a living.
This Petronas debacle is a classic mistake of “marahkan nyamuk kelambu dibakar.”
What are our options? The motion has been supported.. it is 129 to 78…
a. Accept the facts that there is little that we can do about the oil price hike and move forward adjusting ourself to the situation, and maybe change our menu from rice to ubi kayu rebus.
b. Continue to have demonstration and demonstration which seems not to be going anywhere… I do not think that the government want to listen to any of the protest or demos.
c. Live in denials, and try to convince that the price of oil is still at the old level, which is not true…
d. none of the above
thanks for the info sheih…. but the PM, ministers and politicians, they never gave us straight answers…. when we them how to get from KL to Kelantan, they conveniently give direction from KL to Sri Lanka….. when we give them facts, they give us shit….. the media is no better…. these people ah….. they can get away from murder lah (literally… absolutely no mongolian pun intended)
Dear Sheikh,
I got it from the Edge
PETRONAS headed for record year
Date: 24/06/2008
Global oil major ExxonMobil Corp churned out a net profit of US$40.6 billion (about RM132 billion) last year, with revenue surging to US$358 billion. The oil major’s shareholders probably have already popped the bubbly, which could well be Champagne Krug or Louis Raederer, to celebrate the biggest ever profits made in history.
In Malaysia, Petroliam Nasional Bhd (Petronas) is also expected to achieve hefty profits for the same reason – soaring crude oil prices have marched above US$130 per barrel.
But the national oil company’s huge profits may not make Petronas’ shareholder – the Malaysian government – jump for joy because the earnings figures will be under intense scrutiny on the heels of a 40% spike in pump prices imposed three weeks ago.
The opposition parties are likely to hold the earnings figures, which could be released this week, against the ruling party because it has slashed the fuel subsidy.
Standard & Poor’s credit analyst Cheng Wee Lee expects Petronas to have had a “low teen” profit growth in FY2008 ended March 31.
For 1H2008, Petronas posted a net profit of RM29.3 billion after paying tax expenses totalling RM13.2 billion to the government. Its revenue in the six months ended Sept 30, 2007, rose nearly 16% to RM102.8 billion while pre-tax profit increased to RM42.5 billion.
“Given the high crude oil prices, we are quite certain Petronas’ earnings will show a year-on-year improvement. We expect a similar strong performance in 2H2008 ended March 31,” says Malaysia Rating Corp Bhd’s (MARC) CEO Razlan Mohamed.
There are no indications as to how much Petronas will record in its full year of operations for FY2008 ended March 31. But based on the average price of Tapis blend in 2H2008, Petronas should record a pre-tax profit of about RM60 billion in the period under review.
This is because in 1HFY2008 (between March and September), the average price of crude oil was about US$77 per barrel, which translated to a pre-tax profit of RM42.5 billion. In 2HFY2008 (between October and March), the average price of Tapis blend, based on data provided by Petronas, was about US$98.
Back-of-the-envelope calculations indicate a pre-tax profit of more than RM45 billion in 2HFY2008, pushing Petronas’ full-year profit to about RM90 billion, says an analyst.
Its earnings are riding the boom in crude oil prices, which started four years ago. Its net profit ballooned to RM46.4 billion from RM22.9 billion in 2004, which works out to a compound annual growth rate of nearly 27% – considerably strong growth.
The price of Tapis blend, the crude oil that is extracted locally, had quadrupled since 2003 from US$30 to US$129.66 per barrel as at last month, according to Petronas. The price of Tapis tends to be higher than that of other crude oil, such as Brent crude, due to its low sulphur content, which means it is of better quality.
Petronas’ profit is not on a par with global players like ExxonMobil, Royal Dutch Shell and British Petroleum, but its pre-tax profit margin of over 40% is way above that of these oil majors, whose margins are in the high teens.
Petronas is enjoying such fat profit margins because of the production-sharing contracts (PSC) it has with its international partners. Under the contracts, the partners provide all the financing and bear the exploration and production risks in exchange for a share of production.
MARC’s Razlan believes that Petronas would be able to maintain its profitability. “Its operating margin moderated slightly to 41.7% in 1HFY2008 versus 45.9% in the previous corresponding period, but this is still very strong,” he says.
Nonetheless, costs of oil production have been creeping up due to a shortage of equipment such as oil rigs and support service vessels. The costs are estimated to have gone up by 15% to 20%.
Furthermore, Petronas would have to engage in more deepwater drilling activities as oil wells in shallow waters dry up. Analysts say this would eat into Petronas’ profits in the future.
Petronas’ credit rating has improved in tandem with its high profitability and, of course, its monopoly over the country’s oil assets.
“Its financial and operating measures are comparable with those of highly rated global integrated oil companies, such as BP (Aa1/stable) and Royal Dutch Shell (Aa1/stable),” says Moody’s Investor Service.
Moody’s rates Petronas “stable A1″ in view of the government’s willingness to lend support in the event of any default.
S&P and Fitch Ratings have pegged Petronas’ rating at “A+” (local currency) and “A” with a stable outlook respectively.
Another factor that has earned Petronas such high ratings is its swelling cash hoard. The group’s cash and fund investments had soared to RM101.7 billion on Sept 30, 2007, from RM53.8 billion in FY2004.
“With the cash reserves, Petronas has actually built a war chest for its overseas expansion,” says S&P’s Cheng.
Credit analysts view Petronas’ expansion abroad as a positive move to replenish the country’s depleting oil reserves.
“They (Petronas) make overseas acquisitions and diversify into different segments of the industry, such as LNG (liquefied natural gas). These are good for generating future earnings,”says Cheng.
Petronas’ total reserves come up to about 26.5 billion barrels of oil equivalent (boe). Malaysia is ranked 26th and 15th in the world in terms of proven oil and natural gas reserves.
International operations account for almost 40% of its revenue source. Overseas oilfields generated RM40.7 billion for the six months ended Sept 30, 2007, compared with RM31.3 billion (35%) in the previous corresponding period. In terms of production, foreign operations contributed about 24% of total volume.
Big cash pile means higher dividend?
Petronas’ finances have been the centre of attention in most of the conversations or debates on petrol subsidy. Critics contend that the national oil company should be more generous in its dividend payments, so that its shareholder – the government – can have bigger budgets to subsidise the spiralling fuel prices.
Petronas is the largest contributor to the federal government’s revenue, accounting for 35% of the total amount it collects. The oil major contributed RM52.3 billion (inclusive of taxes, dividend, royalties and export duties) to the government’s coffers.
Last year, dividends paid to the government amounted to RM20 billion and taxes RM21.8 billion. Last year’s petrol subsidy was RM8.8 billion.
“Having cash reserves of RM71.5 billion, it can afford a sizeable dividend payout. This will not impact much on its financial status,” says Cheng, adding that the group’s gearing ratio is quite low at present.
However, he stresses that generous dividend payments could not be a medium or long-term commitment as this would drain Petronas’ coffers and, in turn, cripple its ability to expand overseas.
Besides the fluctuations in crude oil price, another risk for Petronas’ bondholders is that the company may be directed to support non-related government enterprises.
From a bondholder’s point of view, Petronas should not help bail out any corporation or subsidise the country’s fuel bills. But obviously the politicians and certain sections of the rakyat have a different view.
With such contrasting views, there is no doubt that Petronas’ results will be in the spotlight.
Source :The Edge Daily 23 Jun 2008
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Dear Aku hina…..
Don’t talk pasal contribute to the nations la if you dont know me!! I’ve contribute from dayabumi to KLCC even in Sudan just for my beloved country! ada aku MERUNGUT macam ko!!!!!!!!!!!! dok SUDAN 4 tahun risk my life there, aku tak merungut sbb aku pilih kerja tu, i have been paid for that like you ma bila aku tak suka aku tak merungut, bla la, berhenti…..ko yg manipulate “ikhlas”……selama aku keja ta pernah aku nak merungut dan megadu domba macam ko dlm blog tagih simpati………..setakat dok tengah laut dan berlagak jadi owner porahhhhhh, i was in there i know the system, the environment, btw kalau tak da 20 tahun keja dgn petronas jangan nak hidung tinggi la bro…
Sheih, what you said is very true. Actually, I wrote something similar about the so called subsidy by the government. In 2006, when the price of petrol was raised by RM0.30 to RM1.92, and the government claimed that the money “saved” which amounting to about RM5 billion would be use to set up a transportation consortium to have a better public trasportation infrastructure for the benefits of the rakyat. At that time, I mentioned that the so called subsidy is just a mere accounting treatment in the government account. There is no actual inflows and outflows of money but governemnt machinery worked overtime to convince the rakyat that they actually spent such money.
Now, to the present, even the senior ministers could not agree on the actual amount of subsify, Nor Yaakob said RM35B for fuel alone whilst Shahrir said RM30B for both fuel and food. So which one is it?
On the issue of blaming Petronas and the call to boycott Petronas, this is something that shouldn’t have happened. However, Malaysian have subscribed to the blaming mentality and sure enough, since it is high price of petrol, this must be Petronas doing. If we were to look all around us, Malaysians love to blame anything and everything on everybody else, and at the moment the brunt of the blame falls on the shoulder of the current government, namely the flip flop PM.
Finally, where are all the money from Petronas? Hopefully you can shed some light into this.
Regards and Wassalam
LoyalCitizen
Shah Alam
macam pandai jer komen2 dalam neh…. INGAT BENDA INI DALAM 5 TAHUN LAGI… Masa tu kau akan cium BONTOT SHAHRIR untuk ucap terima kasih. BODOH MACAM LEMBU…. dah bagi fakta dan figure tak faham2 jugak. Ingat Petronas BAPAK kau rang punya…. orang miskin dan dungu saja mikir lembab.