Lots of bullshit and gas pissing somewhere

Today's sighting and one a few days back and earlier incidents with reference to the National Oil Corporation make me thik there's lots of bullshit goingon. Much gas of a terrible stench too!

Here's today's frontpage from The People's Paper:



Nation
Tuesday September 18, 2007


Petronas not able to sustain subsidies and wants to raise prices

By SARBAN SINGH

newsdesk@thestar.com.my

GEMAS: Having paid out subsidies close to RM50bil in the last 10 years for gas and with global oil prices hitting US$80 (RM280) per barrel last week, Petronas is now pushing for an increase in gas charges.

If the Government gives Petronas the green light to raise rates, consumers would have to brace themselves for higher costs since gas is required for generating electricity, industrial/household use and for NGV-powered automobiles.


»Petronas is screaming for an increase« LIM KENG YAIK
A Cabinet committee chaired by Prime Minister Datuk Seri Abdullah Ahmad Badawi will decide on Petronas’ proposal next Monday, said Energy, Water and Communications Minister Datuk Seri Dr Lim Keng Yaik.

Lim, however, assured the people that despite the heavy reliance by Tenaga Nasional Bhd and Independent Power Producers (IPPs) on gas, there would be no increase in electricity tariffs.

“We just increased power tariffs in June last year. Although the pressure to increase tariffs is getting greater, there will not be another increase any time soon,” he said.

The minister said Petronas had provided gas subsidies close to RM50bil since 1997, and last year alone, it paid out RM14bil in subsidy.

“Petronas is screaming for an increase.”

He said that for example, Petronas sold subsidised gas at RM6.40 per mmBtu (Million British Thermal Units) to local industries, whereas unsubsidised gas cost about RM40 per mmBtu.

He explained that if the gas was sourced locally, Petronas would be able to absorb the costs.

However, its gas fields in Terengganu could not meet the demand in the peninsula. As such, Petronas was forced to pay three times more to import the gas from Indonesia and Thailand.

Lim said when the Cabinet committee would decide on Monday the next gas policy as well as gas prices for TNB and IPPs.

“This is necessary as 60% of the country’s electricity is generated by gas,” he told pressmen after opening Heaveaboard Bhd’s second particleboard line here yesterday. The minister was asked to comment on the escalating global oil prices.

Lim said the people should understand Petronas’ position and not criticise it for asking an increase.

“Petronas’ books are there for them to see. How can they continue to subsidise the prices for the imported gas? It is beyond them. We cannot control global prices, it is not our doing,” he said.

He said that if the subsidies were not removed, the Malaysian economy would remain “distorted”.

“We are doing a disservice to our grandchildren. We are spending so much on the subsidies at the expense of our future generation,” he said.



DESIDERATA: is doing this post w'ile on-th-chicken-run! SO I'll break for maybe a moment, perhaps a longer while, mayhaps even till If Tomorrow Never Comes to tie up the Petronas affairs.

After digesting the latest news break quoting a soon-retiring Gerakan chief -- so ampu-ing Minister eye-ing a Tun-ship? -- I hope my ER still have an AP-petite for Hi-Tea or Lo-Dinner. I thought we could expect an ang-pow from Petronas in the 2008 Budget just announced. Not only you don't get dat AP, it's whacking you for Voting BN! Serrve thee right. WAITING FOR ANOTHER WHACK?

I don't know where some, or most, Malaysian voters got their masochistic streak from...