Tuesday, June 24, 2008

Oil sold forward to cronies at favourable prices?

I wish to refer to Dr. Jeffrey Kitingan’s letter, Who are the six 'option holders' of Petronas? http://www.malaysiakini.com/letters/84969 in Malaysiakini. If it is true, I can understand and empathise with the frustration of the CEO under circumstances of big jump in crude oil prices, when it should have been joy.

It was an amazing coincidence that I had a chat over the phone with an old friend in Sabah yesterday, who expressed his support for Yong Teck Lee’s stand like what most Sabahans do.

On the question of oil, like all Sabahans, he said the 5% given to the State is peanuts compared to what rumours had it that Petronas oil is being sold forward to some cronies of the PM, who must have made so much that an ordinary calculator cannot handle the zeroes!

On the other hand, years ago, I heard about Ananda Krishnan having some kind of monopoly over oil trade in Malaysia, being a known crony of Dr. Mahathir. All these rumours will be treated as truth if Petronas did not come clean with their dealings.

I am sure there is some truth in such rumours, now that we know the Prime Minister is the only one in full control of Petronas, as spelt out in Sections 2 and 3 of the Petroleum Act 1974. Another item wrapped under the Official Secrets Act?

No comments:

Post a Comment