The decisions Petronas has made for the past decades has been justified by its recent profit record. And only an experienced “oil-man” such as Tan Sri Hassan Merican knows how to weight risks and channel its revenues and into investments that will bring more profit to the company (and the goverment) in the future.

Petronas should be left on its own to grow and mature into a top oil and gas company like Shell, Exxon, etc without any political interference, and its returns to the goverment should be managed well.

It does not need to be transparently monitored in where its revenue are going to be invested or used. Making its account more transparent would be useless. A decade ago, we might have not agreed with Petronas’s decision to invest billions in Africa, but look how well that decision proved to be by the overseas revenues achieved. This is because of the work of proper risk analysis and decision making by experience people in the oil industry.

So why should Petronas’s account be anymore transparent. There is no added value. Would a more transparent account be more questionable? if so what questions do you want to ask?

howbout asking yourselves:-

1. If Petronas’s accounts were more transparent, would these billion dollar revenue decisions be made without being heavily questioned/disputed with political input/interest?

2. If Petronas’s was answerable to the Parliament, who do you think would have decided on Petronas’s course; the experienced people managing the company, or the politicians who know “nuts” about the oil industry.

Just let Petronas evolve to a private oil and gas company that is still own by the goverment, whoever that turns out to be ….but let it remain unpoliticised. The biggest company in Malaysia, should not be put under the spectacle of politics……

Just hold your breath. The university in Tronoh is a new one. Give it several years to produce the much needed talents .

As for Transparency, do tell me whether deep down in your heart, you believe that it can be listed among the biggest entities in the world for nothing .

As for milduser, plese proof what you said. If you said it is wrong for Govt to tax Petronas, please explain why.

It would be very entertaining to see when and what university in tronoh has done for all malaysians.

Yes Sir. The price of oil is cheaper in Saudsi Arabia or Venezuela. By the way, I am sure you know how much Saudi Arabia produces daily?

Approximately 9.5 million barrels daily. Malaysia produces 700000 daily. Domestic consumption is around 600000 barrels. Suddenly, I notice those who barely know anything about Petronas lashing the entity.

A scapegoat I can say for sure. If there is a mismanagement in Petronas, please explain how Petronas can be listed among 500 biggest companies in the world.

Someons said I maybe Kasim Amat. No I am not. But I admire that man for at least trying to defend Petronas, UMNO from baseless accusation from bloggers here. I am amused to see those who know nothing about oil industry or Petronas speak as if UMNO is milking Petronas for its own benefit.

Cant you believe that. I cant believe that people can be at that moronic level.

By the way, yes sir I am defending UMNO. What is wrong with that. Surely there is nothing wrong in defending UMNO if the accusation is ridiculous.

As for Lopez, perhaps you should try to remember at leat once that Petronas contributes to every Malaysian. Do remember that in its breathtaking university in Tronoh, Malaysians of all races study petroleum engineering.

Give some credit man. And for those who imply that Petronas is less than transparent, well prove it.

The safety valve will return part of the petrol back to the sump. Is this true?

Also if you pump full tank, you are transporting petrol around town!

http://shiokguy.blogspot.com/2008/06/do-not-pump-full-tank-of-petrol.html

Shiok Guy

rainbowseahorse
personally i dont think corruption is rife in Petronas. Why? One person, the late Tan Sri Azizan, former President and Chairman of Petronas. If you knew him he was man of highest integrity. Due to this trait, he managed, steered and envisioned Petronas to the strive to always embody this stature. Uphold the integrity because without it you/your company would buckle, cease to be competitive.

If you do have accounts of any top brass going askew, you can lodge a report with Police or Hassan Marican. I can assure you your report will be treated with highest priority, at least within Petonas. I am not saying there is no corruption in Petronas but I’d like to think it’s not as high as people think there is. Like I said, the proof in hand is Petronas position within Fortune500 survey. Had corruption been rife in here, you can be sure we will not have this position. We would have crumbled a la Perwaja dulu lagi…

cheers

As long the reply is, it by a pro-petronas again…

cheers…

It just too much to compreghend…..stop lying we have been cheated and wrongly lead for 50 years of our lifes and our family’s too,
how can these be compensated…..all good words and voluntarily to repent wont do.
Is it change all just talk, well on the MSee air part, stop saying you represent the chinese communities, you did not and had not been but on that pretext has sold our rights, you are chosen by rahman not the chinese ppl in those times.

Malaysia pula hanya mempunyai simpanan kecil yang dilaporkan akan habis pada tahun 2030. Kerajaan juga telah menganggarkan kemungkinan kita menjadi pengimpot-bersih minyak pada tahun 2014. Namun begitu, Petronas telah memberi amaran kemungkinan Negara menjadi pengimpot-bersih minyak pada tahun 2010 seandainya kadar pertumbuhan penggunaan minyak negara kekal pada tahap 4%. Sudah tentu dengan simpanan yang begitu terhad dan nisbah ekspot-impot yang kecil, amat tidak relevan untuk membandingkan Malaysia dengan negara-negara yang mempunyai rizab yang cukup besar dan mampu mempertahankan sumber emas hitam ini dalam jangkamasa yang jauh lebih lama lagi. Itulah sebab Malaysia tidak dapat dibandingkan dengan negara-negara pengeluar minyak yang lain. Tambahan pula, kos mencarigali minyak di kebanyakan negara-negara tersebut jauh lebih rendah daripada kos yang dihadapi oleh Petronas dan syarikat-syarikat lain yang mencari minyak di Malaysia. Memang benar, apabila harga minyak mentah di pasaran dunia naik, pendapatan Petronas juga meningkat. Tetapi pembaca perlu sedar bahawa pendapatan itu lain dari keuntungan dimana Petronas perlu juga menanggung kos operasi perniagaan terutamanya kos carigali dan pengeluaran yang semakin meningkat. Secara kasarnya, keuntungan itu adalah pendapatan tolak perbelanjaan atau kos. Baru-baru ini Ketua Pegawai Eksekutif Petronas, Tan Sri Hassan Merican, memberi tahu bahawa kos operasi termasuk kos cari gali dan produksi telah meningkat dengan begitu banyak. Ini sudah tentu akan memberi kesan kepada keuntungan Petronas walaupun harga minyak mentah telah naik. Sebagai contoh, dari tahun 2005 ke 2007, perbelanjaan modalnya (capital expenditure) meningkat tinggi dari USD1,426 juta atau 31.23% daripada USD4,566 juta kepada USD5,992 juta. Daripada pertambahan kos ini, carigali dan pengeluaran merupakan komponen terbesar dengan kenaikan sebanyak USD651 juta atau 45.65% daripada jumlah kenaikan kos perbelanjaan modal 2005-2007. Dalam suasana dimana kos operasi naik dengan begitu tinggi, kita tidak boleh mengandaikan bahawa keuntungan Petronas juga naik dengan mendadak.

Walaubagaimanapun, Petronas telah membuktikan bahawa apabila ia mendapat keutungan yang lebih dan kos operasi dapat dikawal, sumbangannya kepada Kerajaan juga naik. Contohnya pada bagi tahun kewangan berakhir pada 31 Mac 2007, Kumpulan Petronas telah menyumbang kepada Kerajaan sebanyak RM52.3 bilion atau 66.2% daripada jumlah keuntungan telah dibayar kepada Kerajaan.

Kita mesti ingat, walaupun pendapatan Kerajaan meningkat sebanyak 11.17% CAGR (Compounded Annual Growth Rate) dari 2002 ke 2007, perbelanjaan mengurus Kerajaan – yang merangkumi pembayaran segala subsidi – telah meningkat dengan kadar 12.52%. Ini bermakna pendapatan Kerajaan tidak meningkat dengan kadar yang sama dengan perbelanjaan mengurus. Jika tidak dikawal perbelanjaan mengurus dengan mengurangkan subsidi yang makin meningkat, jurang antara kadar peningkatan pendapatan Kerajaan dan perbelanjaan mengurus Kerajaan akan menjadi lebih besar. Ini bermakna defisit Kerajaan akan meningkat atau bajet pembangunan Kerajaan akan dikurangkan. Inilah pilihan yang dihadapi oleh Kerajaan BN dan mereka telah buat pilihan yang paling sesuai tentang cabaran-cabaran yang dihadapi oleh Petronas dan Kerajaan dalam iklim inflasi dunia semasa.

Do you know once you get admitted , you are practically just like winning a lottery ticket, only differerence is that almost all of them cannot patronise lottery by their upbringing and they is not need to.

Your future is planned at the xpense of others,
study and get paid and get better pay after graduit and eve better if you in the right camp, even better if you excel acamedically, the list of hopes dont stop till you go six under.

Who owns and stays in those bungalows neighbhood, of course the business man and towkays, it is understandable he worked for it,
Among them also got salary man in the neighborhood, a handout parasite.

This sounds more like it as we blog with facts and constructive comments.

Bear in mind that I am not saying that Petronas profits should be used up for the people as, Petronas being a business entity, reinvestments is very necessary. All I am saying is that there should be accountability and responsibility in Petronas business which belongs to all Malaysians. If our “elected” government cannot be trusted with money concern, how so with Petronas?

Firstly, I don’t work for a malaysian company. I’m just born & stay here. It’s a sad country, there is no competitiveness. Everything is just lay back, reminds me of NZ. If it’s not done today, maybe tomorrow or the day after.

Secondly, there is no regards for talent & knowledge worker in malaysia. This is why many people prefer to work aboard.

Lets all look into this equation;

Outflow of talents = sub standard talents leftover = lower wages = low earning power + higher cost of living + escalating economical pressure (better planned infrastructure + transparency + higher level of EQ + mentality) from neighboring country = “Rulers” + “BN” cronies need to increase “income + status” = increasing pricing of daily goods & kinds of the people = Petronas as the one of the tool…

There will be more to come from this current govt, as the “the change in hand” kicks in. The possibility of using “that the past PM, now I’m running the show, – SO, IT’S MY WAY OR THE HIGHWAY -”.

Lets not go into the highway yet, that’s another story…

cheers…

cheng on soo
True the commodity being oil, it’s easier to have higher profit. Also true the current high price equates to higher profit but law of supply and demand prevail. We need equipment/technology etc to produce and sell oil. Once the supplier knows the price of oil is high, they mark up their prices. At the end of the day, it is the margin that counts. As good and large (more efficient yes?) as ExxonMobil is, the increase of profit from last year compared to this year is only USD 1 billion. Bear in mind price of oil nearly doubled (I think?) within the same period.

I did say compare to other National Oil Companies in the world who have more oil & gas reserves, Petronas is still in top ten. In some categories it is number 1 (Returns on Capital – ROC). We are lucky to be in this business? Yes, we thank God for that. We are rewarded for our hardship? Well I would say yes though some staff may disagree. It’s not that we are complaining on our remuneration (ok we do complain a bit). We only ask for consideration of our feelings. Are we different Malaysians just because we work with Petronas? Are we vile, scary, money-sucking mongrels because our company happens to pay high dividends to the BN Government?

rainbowseahorse
I am sorry if you misunderstood me. I never tried to imply that. I know there are other people who have far harder/dangerous jobs with less securities & remuneration than mine and for that I thank my God that I have this job. I am only saying why suddenly we are being treated like criminals/thieves and accused of so many things for something that we cannot even control? How would you feel if being put is same position? Bonus of 30 months, Salary of RM30k are some of the things being thrown around. Man, if I get that why do I ride KTM/LRT to work?

Godfather, any comments? Cheng on soo has already put in some of his thoughts. And me?? I shall have to get back to you later AirJ. You have all the figures of Petronas at your finger tips while we ordinary Rakyat have no access to Petronas books, remember? But I chuckle at your writing “..not jumping ship to another well-paying company or working at the oil rig for 2 weeks not have the comfort of family or safeguarding Petronas projects under the 50 degC bake of Sudan sun with the sounds of guns from the tribal-fighting looming behind you…” as you seem to imply that Petronas employees are the ONLY ones who works under very difficult & dangerous situation, and who sacrifices a lot for the sack of the nation. Well, like I said, I’ll have to get back to you later. Have to work for a living, you know!

It is fair to compare Petronas with other big companies in other business..
a). Petronas hv practically no competitor to undercut the price of their product (petrol) to very low price (near zero profit, or even loss)).
b). Petrol business do hv risk, problems (less production, rising cost),yes, but if one add up all the cost of producing petrol, this cost is still far below selling price (even if it is only US$49 per barrel).
In short, it is one of the most profitable (if not the MOST) legal business that can be ! ppl in oil producing business are one of luckiest.
Work in off shore, under hot Sun?/, yes, but are U ppl not highly rewarded with big $$$ ??