Friday, July 28, 2017

Petronas CEO, Board of Directors Should Just Resign And Go Away

A picture shows the logo of Malaysian state energy firm Petronas during the World Gas Conference exhibition in Paris on June 2, 2015.
My readers will recall that for years I have been warning against Petronas' wasteful spending especially in this Pacific Northwest LNG project in Canada.
I have said before that the losses incurred here by Petronas could be more than the amount lost in the 1MDB scandal.
The headlines yesterday have been highlighting Petronas cancelling the US$29 BILLION project in Canada.
Here is their Media Statement in full :
Pacific NorthWest LNG Project Is Not Proceeding
Today Pacific NorthWest LNG’s partners announced that the project will not be moving forward.
The decision was made by the project partners following a total review of the project amid changes in market conditions.
For almost five years we have been working with local governments, First Nations, residents and businesses about our proposed project and are very grateful for the support we have received.
Thank you to the communities of Port Edward and Prince Rupert for welcoming Pacific NorthWest LNG and hosting our local outreach offices. In addition, thank you to all the communities in northwestern BC who expressed an interest in the project and took the time to work with us.
We would also like to recognize the time and efforts of all the area First Nations, including the Lax Kwa’laams First Nation, Metlakatla First Nation, Kitsumkalum First Nation, Gitxaala First Nation and Gitga’at First Nation, and all of the other nations residing in the Prince Rupert area who have kindly provided us feedback.
Our team members have been warmly welcomed by the communities. Thank you to the dozens of local businesses who we have had the opportunity to work with in the recent years.
Pacific NorthWest LNG will complete our outstanding business commitments by the end of September. Our Prince Rupert and Port Edward offices are scheduled to be closed effective August 25, 2017.
My comments : I hope our Opposition MPs will take this up in Parliament. For certainly the BN MPs have neither the brains nor the balls to ask questions about this collosal failure.
1. First of all please tell us (without bullshitting) exactly how big is this project?
Is it US29 BILLION (RM124 BILLION) or US36 BILLION (RM154 BILLION) or how much exactly?
The ketuanan boys already cannot figure out RM50 Billion.
Do you seriously expect them to figure out RM124 BILLION?? I dont think so.
So tell us exactly how big is this project in terms of Ringgit.
2. And how many billions has Petronas lost so far in this doomed project? RM10 BILLION? RM 20 BILLION? RM50 BILLION? Exactly how much?
Look at that picture above. That tank farm has already been built. There is also a suspension bridge over there. Did Petronas have to build that too?
Didnt Petronas already build the pipeline?
Now all that will go to waste.
So exactly how much has Petronas lost in this fiasco?
3. Petronas crows that they sold equity in this project to foreign partners. Fine. My question is have those partners paid any real money? Meaning did they pay in full their portion of the paid up capital, share capital or whatever?
These folks are not village idiots. In a project this size there are bound to be 'subject to' clauses. We will meet the cash calls subject to a, b, c, d, e etc. So can Petronas tell us exactly what transpired.
4. Finally I think the MACC should get involved in this case straight away. It is too big a project and it has failed. Tens of billions if not hundreds of billions of taxpayers funds have been lost. (Petronas is wholly owned by the Malaysian taxpayer).
The MACC should not wait for the public to make reports before they start investigating.
I have been commenting about Petronas' investments in Canada for a long time because I have been hearing plenty rumours that plenty crap has been going on.
The fine wine connoiseurs have been flying the wrong cargo.
Super Moron's muallap guy actually runs Petronas.
This 'global - glokal' adventure has become a huge failure.
Tabung Haji blowing hundreds of millions buying real estate overseas.
MARA blowing tens of millions buying hotels overseas.
Sime Darby losing RM800 Million in Qatar or somewhere.
1MDB losing BILLIONS "investing" in units entah apa.
Now Petronas losing tens of billions in Canada.
If you want to joli-joli, please do so with your own father's money. Pakai duit bapak sendiri lah. Dont burn the taxpayers money.
It is better to use our taxpayer's money and invest inside our own country. This way even when you screw up, the money still stays inside Malaysia.
It is also better to use our taxpayers money and use it to learn how to do business inside our own country. This way even when you screw up, the money still stays inside Malaysia.
In the Sime Darby fiasco in Qatar or somewhere, the local boys did not even understand what is the 'time value of money'. Rented equipment was left idle. The kids did not understand what was wrong with that.
Just like many now say there is nothing wrong with the economy.
The Petronas CEO and the BOD should just resign and go away.
Written by Syed Akbar Ali

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