malaysiakini - [...] This is especially pertinent in the face of several revelations, such as the fact that the oil wells in Sabah will dry up six years from now. The issue has also been raised that Petronas ‘could go bust in 2018' forcing us to ask: Where have all the huge amounts of Petronas money gone to?
Has Petronas been managed so badly that despite it being the nation's biggest money-earner, it is now facing the possibility of going bust (bankrupt)? The first problem with Petronas is the fact that it was designed to be a secretive organisation.
The Petronas agreements have been classified secret. Why? What clauses are in the agreement that the people should know? This secrecy also include the secrecy of Petronas' detailed annual report which is shielded from public scrutiny, making it an organisation without public accountability.
The other shocking revelation that had came to my knowledge is that 80% of the oil produced by Petronas is not sold directly to the world market but is channelled through six 'option holders' who obtain the supply from Petronas at below market prices.
These option holder agents are the ones reaping the benefits in the oil price hikes. Who are these people? Why are there in the first place? Why has such a system been created for Petronas? Are these people, in fact, representing certain private interests?
It is also understood that this supply through the option holders is sold by contracts with a binding agreement for 20 or 30 years, causing huge losses for Petronas when oil price increases, as Petronas would then have to continue selling at the old agreed price.... selanjutnya.
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