Petronas, Oh Petronas, WHERE DID OUR MONEY GO?

I reprise last year's post as it is relevant to Yesterday's, when all our (Malaysian) troubles seem'd here to stay!


Friday, July 02, 2010
An odd ode to Petronas oh Petronas

Malaysia plentifool oil
Singapore no oil
But water, water everywhere

Malaysians say vely de happy
Singapooreans vely di kiasu, or kiasi
Or whatever

Malaysia pantifull of oil
First lady, second lady and lust lady arso fat wit' oil
Climb on KD submarine, it starts to sink

Singapooreans por and without oil
But plentifool water to drink,
even drain and washing machined H2O
But they are AP ap AP
Their GDP per capita FIVE DIMES more than
Malaysia foolOFoil
Dan Olang Minyak:(

From MI:

01 July 2010 | Thursday
Local
Thursday, 01 July 2010 14:35
Petronas Records 24 Per Cent Decline in PBT to RM67.3 Billion PDF Print

KUALA LUMPUR, 1 JULY, 2010: Petronas recorded a 24.5 per cent decline in pre-tax profit to RM67.3 billion for the year ended March 31, 2010, from
RM89.1 billion in 2009.




Revenue fell 18.1 per cent to RM216.4 billion from RM264.2 billion, Petronas President and Chief Executive Officer, Datuk Shamsul Azhar Abbas said today.


He said that the national oil corporation's net profit also dropped by 23.2 per cent to RM40.3 billion from RM52.5 billion.


He said the lower profit and revenue was due to weaker crude oil demand.


"The year in review proved to be unusually difficult and challenging for the Petronas group as the first peacetime global recession, since the Great
Depression, took its toll on the global oil and gas industry," Shamsul told a media briefing here.


As for the proposed listing of some of its petrochemical units as announced by the government, he said they would be listed by the year-end.


********************************

Yesterday's post is relevant:(

MEANW'ILE, the gomen continues to BULL_SHIT about rising petrol subsidies when the world's oil prices in recent days rose above the US100 per barrel mark. Malaysia as a NET PRODUCER AND EXPORTER OF OIL -- WHICH ALSO COMMANDS PREMIUM PRICE -- SHOULD BE CELEBRATING! Instead the Gomen intimates--yeah. you are the number one people of Najib's mind! -- that there will soon be a price increase at the pumps. Desi has gotten tired of rebutting this argument -- will try to REPRISE from an olde post, OK!

From staronline:

Published: Wednesday March 9, 2011 MYT 8:02:00 PM
Extra RM4bil subsidy if no petrol price adjustments

KUALA LUMPUR: The fuel subsidy is estimated to rise by an additional RM4bil this year if no adjustments are made to petrol prices, which stand at RM1.90 per litre for RON 95 and RM2.50 per litre for RON 97.

Prime Minister Datuk Seri Najib Tun Razak said at a press conference Wednesday, after a briefing by Bank Negara Governor Tan Sri Dr Zeti Akhtar Aziz, that subsidy costs for fuel would rise by this amount if no adjustments were made in the face of higher crude oil prices.

This would mean that the allocation for fuel subsidy under Budget 2011, which was set at RM10bil based on oil prices hovering around US$85 (RM259) to US$90 (RM274) per barrel, would rise to RM14bil this year.

Besides this, the Government has also allocated RM4bil for other subsidies. For 2010, the fuel subsidy came up to RM10bil.

Economists have also estimated that should oil prices remained above US$100 (RM305), the Government might need to fork out an additional RM3.5bil to RM4bil for the fuel subsidy.

Najib added that the deficit would depend on how much revenue the Government would get against the increase in subsidy costs.

The Government has targeted a budget deficit at 5.4% of gross domestic product for this year compared with 5.6% last year while the target was to lower the deficit to 2.8% by 2015.

Last month, Najib said there could be a review of the fuel subsidy should unrest in the Middle East continued although, so far, there were no plans to do so.

The price of RON 97 petrol was last raised on Feb 1, up from an initial 10 sen hike on Jan 4. In December, RON 95 petrol and diesel rose 5 sen per litre to RM1.90 and RM1.85 per litre respectively.

DESIDERATA: Every time the national oil corporation announced profits in recent years, the NET PROFITS would be around RM50 billion to RM60 billlion.

Each time the world prices go up, Petronas gets more revenues, hence rising profits. So logically our pump prices should go down, so that the increased profits can be ploughed back to benefit the people.If prices are arised at the pump, it leads to another ROUND OF INFLATION, LIKE IN RECENT YEARS, AND THE RAKYAT SUFFER ~~ yes, you and me, on whose behalf PETRONAS IS SUPPOSED TO HOLD THE NATION'S RESOURCES IN TRUST.

My LAMENT each time is: Where did our -- yes, the Rakyat's! -- money go?