Hornbill Unleashed

July 4, 2012

Petronas is tired of being Malaysia’s piggy bank

Filed under: Politics,PRU 13 Election — Hornbill Unleashed @ 12:01 AM
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Reuters

A Petronas worker inspects a tanker in Kuala Lumpur July 3, 2006. — Reuters pics

State oil company Petronas is tired of being Malaysia’s cash trough. Its growing pique at the government flared into public view here in early June at the World Gas Conference.

Chief executive Datuk Shamsul Azhar Abbas took to the stage and declared that the government’s policy of subsidising fuel was plain wrong. A murmur ran through the crowd — his boss, Prime Minister Datuk Seri Najib Razak, was sitting in the front row.

Moments later, Najib went to the podium himself to remind everybody that the subsidies — for which Petronas foots the bill — have “social-economic objectives.”

The subtext of that rejoinder: Malaysians pay among the lowest electricity rates and petrol-pump prices in Asia. While the government has vowed to “rationalize” that, it is highly unlikely to happen before elections expected in a few months.

The polite but pointed disagreement was the latest sign of assertiveness from an oil company that prime ministers have treated as a piggy bank for pet projects since it was established in 1974.

Interviews with current and former officials, and an examination of Petronas and government documents show that strains have been building behind the scenes over how much money the company hands over to the government in the form of fuel subsidies, dividends and taxes.

Financial data reviewed by Reuters show the government has increasingly relied on Petronas’s payments — a “dividend” to its sole shareholder — to plug fiscal deficits that have begun to alarm ratings agencies and analysts.

The data also show these payments grew over the past several years as oil prices soared, along with government spending. But Malaysia’s official accounts do not show how the money is being spent — and the government has steadfastly refused to disclose any details about that.

“We need cash”

Shamsul delivers his address during the World Gas Conference 2012 in Kuala Lumpur June 4, 2012.

Petronas is Malaysia’s largest single taxpayer and biggest source of revenue, covering as much as 45 per cent of the government’s budget. Unlike other oil-rich nations such as Saudi Arabia, Norway or Brazil, Malaysia runs chronic, large budget deficits that have expanded even as oil revenues increased. Last year’s fiscal gap, at 5 per cent of gross domestic product, trailed only India’s for the dubious distinction of biggest in emerging Asia, and it may widen this year.

Subsidies account for a big chunk of the deficit. They have other downsides as well, Shamsul noted in his speech to the gas conference.

“Subsidies distort transparency, reduce competition and deter new investments,” he said, adding that Petronas paid between RM18 billion and RM20 billion a year to subsidize gas consumption.

Malaysia is not facing a fiscal crisis. Foreign investors eagerly buy Malaysian government bonds, confident the country’s reserves of oil, gas and foreign currency are deep enough to ensure the debt will be repaid.

That faith will be tested over the next few months.

Falling oil and gas prices will likely constrain Petronas’s 2012 profits, and a worsening euro-zone crisis may hurt the country’s exports. Smaller Petronas payouts and slowing economic growth would pinch government finances.

Shamsul argues now is an opportune time to pursue foreign acquisitions on the cheap as Malaysia’s domestic energy supplies deplete. On Thursday, the company announced it was acquiring its Canadian joint-venture partner, Progress Energy Resources Corp, for US$4.7 billion (RM14.1 billion). More may be in the offing.

“Mind you, for that to happen, we need cash,” Shamsul said in his speech.

The trouble is, the government needs the cash, too.

People walk outside the Petronas Twin Towers in Kuala Lumpur, September 12, 2001

Towers over Malaysia

Petronas, Malaysia’s only global Fortune 500 company, towers over the country — literally and figuratively. Its 88-storey twin towers, once the world’s tallest buildings, dominate the skyline of Kuala Lumpur.

Petronas’s oil and gas reserves rank 28th in the world, according to data from PetroStrategies in Plano, Texas, ahead of some better known players such as Norway’s Statoil and CNOOC, China National Offshore Oil Corp.

Unusual for a state-owned enterprise, Petronas’s debt is rated stronger than the sovereign state’s. The company had about US$15.6 billion in total borrowing as of March 31 and counts U.S. insurer Aflac Inc among the debt holders.

Petronas’ CEO and board, however, serve at the pleasure of the prime minister. Over the years, prime ministers have tapped into Petronas funds to build their dream projects and bail out their mistakes. Political leaders were used to dealing with yes-men in the company, which on Malaysia’s organisation chart is part of the prime minister’s office.

Now Petronas is trying to say no.

Like all state-owned oil companies, Petronas is expected to pass along a share of profit to the government, just as a private sector oil company pays dividends to shareholders.

Those dividends gobbled up almost 55 per cent of its net profits in the fiscal year ended March 31, 2011, well above the average of 38 per cent paid by national oil companies around the world, Petronas figures show.

Including taxes, export duties and the dividend, Petronas estimates its total payments to the Malaysian government added up to RM65.7 billion in that fiscal year.

Swelling deficit

Najib would be forced to cut spending if he did not have access to Petronas funds.

Petronas has been pushing for a new dividend policy that would set the annual payout to the government at 30 per cent of profits instead of the flat RM28 billion it will pay this year.

A lower payout would preserve money to reinvest in global oil and gas exploration in order to compensate for declining domestic supplies.

A Reuters analysis of Petronas and government financial data shows Petronas would have paid close to RM17 billion in the March 2011 fiscal year if the 30 per cent dividend formula was in place.

A smaller dividend payment would have deepened Malaysia’s fiscal deficit, swelling it to about 6.5 per cent of gross domestic product. That is nearly triple the average among the world’s emerging-market economies, according to International Monetary Fund data.

With less Petronas money under the new formula, Prime Minister Najib would have three unpopular options: cutting spending, increasing taxes or ramping up the deficit. Worsening public finances could unsettle foreign investors, who hold about 39 per cent of the government’s local currency debt, the highest share in emerging Asia.

The Petronas CEO put a brave face on it when Reuters asked him if the new formula might be put in place this year, with elections now expected as soon as September.

“The government is fairly aware of Petronas’s need to have our own funding for growth,” Shamsul said after the company released financial results on May 31. “They respect that and they will agree to our request.”

Najib’s office declined to comment.

Election stimulus?

Najib, who took over mid-term from his predecessor and has yet to receive an electoral mandate as prime minister, can ill-afford to accommodate Petronas right now on the dividend. He has raised civil-servant wages and approved cash payouts to low-income households — vote-winning measures paid for in part by Petronas.

Ratings agency Fitch warned in February that Malaysia’s budget was too reliant on petroleum receipts, and elections could drive up spending and deepen the budget deficit.

“If aggressive stimulus measures were implemented and this led to a sustained increase in public debt ratios, it would be negative for the ratings,” Fitch wrote.

That may already be happening. The government in June asked parliament to approve another RM13.8 billion in supplementary spending — more than half of it for food and fuel subsidies — which would swell the fiscal deficit to 6 per cent of GDP.

Petronas only began detailing its contributions to the government two years ago — around the time it began lobbying for a change in the dividend policy. Indeed, the word “dividend” does not even appear in its annual reports for 2001 through 2009.

Reuters has filled in some of the gaps from previous years, obtaining figures from former prime minister Tun Dr Mahathir Mohamad, now adviser to the oil company, dating back to 1976. Petronas declined to confirm their accuracy.

No public disclosure

Dr Mahathir’s data show Petronas payments to the state more than doubled between 2005 and 2011 as oil prices soared. Malaysia’s spending swelled, too, widening the budget deficit even though revenues rose. But Malaysia would not disclose what the Petronas money is being spent on.

Reuters placed an official request for that data from Malaysia’s accountant general’s office, but the audit agency said it could provide budgetary figures for everything except Petronas’s contributions.

Without access to official figures, it is difficult to determine how the government spends Petronas money. Dr Mahathir told Reuters he released additional Petronas data on his blog as an “appeal” for more clarity on where the money went after he stepped down from office in 2003.

The bulk of it appears to be going into operating expenses, including higher wages for the more than 1.4 million civil servants who are mostly Malays, Dr Mahathir said.

Since Najib took office in 2009, operating expenses have risen by almost 16 per cent. Development spending, which includes education, security and healthcare, has stayed flat.

Increased wages are a recurring cost, Dr Mahathir pointed out in an interview from his office on the 83rd floor of the Petronas Towers. Once pay goes up, he said, it is difficult to cut in lean years.

“So the result is, you take more from development expenditure because development expenditure is not a statutory requirement,” he said. “You can cut.”

Dr Mahathir smiles in his office at the top of the Petronas Twin Towers in Kuala Lumpur November 2, 2004.

Expanding abroad

As domestic oil supplies shrink, Petronas has been expanding abroad, investing in Sudanese oil, South African petrol stations and European liquefied natural gas. Its corporate operations map shows a presence on five continents.

But 29 per cent of the company’s international production is concentrated in Sudan and South Sudan, and clashes along their border have virtually shut down most of the pipelines. Shamsul warned that a halt in Sudan production would cost the company RM3 billion.

That is one reason behind the planned purchase of Canada’s Progress Energy. Shamsul said Thursday that the deal would boost the company’s gas resources in “a geopolitically stable region.”

Deals like this take money, and Petronas argues it cannot fulfil its mission when it is handing over more than half its profits to the government.

Petronas board member Mohammed Azhar Osman Khairuddin told unidentified US diplomats that the oil company “feels tremendous pressure to grow its business in order to maintain Malaysia’s political status.”

Azhar said Petronas wanted the money invested in oil and gas assets “to promote future profitability rather than be spent now on domestic programmes for political gain”, according to a diplomatic cable released by Wikileaks in June of last year.

Neither Azhar nor Petronas responded to requests for comment.

The tug-of-war between government payments and corporate investments is a sore point with other oil companies as well.

Petronas faces a milder version of the dilemma facing Mexico’s national oil company, Pemex. The Mexican government is extracting so much cash from the business that Pemex is having trouble investing in production — and output has waned. Fitch assigned a “BBB” rating to the oil company’s latest debt issuance, citing a substantial tax burden and “exposure to political interference risk.”

With global energy demand expected to rise by around 30 per cent by 2050 as the population rises to 9 billion, oil executives are asking whether governments are a major obstacle to ensuring future supplies at affordable levels.

Exxon Mobil Chief Executive Rex Tillerson told the World Gas Conference that regulation, taxes and subsidies are placing at risk the projects needed to fuel global growth. If the situation persists, governments will find their economies “walking backwards,” he said.

Petronas has four oil projects in Iraq, which are expected to achieve commercial production this year. Shamsul estimates that Petronas’s share of Iraqi output will peak at 800,000 barrels of oil per day by 2015 — about 45 per cent more than Malaysia’s annual crude oil production.

The company has not disclosed how much it is investing in Iraq, but as much as US$8 billion is going into one field alone, Gharf Oilfield, which Petronas is developing along with Japan Petroleum Exploration Co.

“The reason (Petronas) does not want to give money to the government is because it needs the money to reinvest,” Dr Mahathir said. “This is a very costly business as you know. Everything runs into the billions of dollars.”

Najib (right) talks to Hassan as they arrive for the opening of 14th Asia Oil & Gas Conference in Kuala Lumpur June 8, 2009.

Good governance

As state oil companies go, Petronas has a good reputation for governance. A 2011 World Bank working paper on governance and performance of national oil companies ranked Petronas slightly above the global average.

But it has been called upon to bankroll some questionable projects, both under Najib and his predecessors. Twice — in 1984 and 1989 — Dr Mahathir asked Petronas to bail out scandal-ridden Bank Bumiputra Bhd from collapse. In those two rescues, Petronas injected a total of RM3.3 billion into the bank.

Dr Mahathir drew criticism for tapping Petronas to bail out a debt-burdened shipping concern controlled by his eldest son, Mirzan, and again to support auto company Proton, which makes the Lotus Formula One car.

Dr Mahathir denied he had bailed out his son. Petronas “drove a very hard bargain” and ended up turning a profit on the deal, he insisted. Petronas has repeatedly declined to discuss the bailouts.

The strains between Petronas and the government spilled out into the public after Najib took office in 2009.

Tan Sri Hassan Marican, Petronas’s CEO at the time, disagreed with Najib over issues ranging from who should be named to the Petronas board to which Formula One car to sponsor.

Reuters has learned that Najib gave Hassan just six days’ notice that his contract would not be renewed in 2010, ending a 21-year career. Three people with direct knowledge of the situation said Hassan was let go because he did not get along with Najib.

“Six days to pack up a career spanning more than two decades,” said a person close to Hassan.

Hassan, now a board member at US oil major ConocoPhillips and chairman of utilities company Singapore Power, did not respond to repeated interview requests.

Appointed by Dr Mahathir, the 59-year-old accountant by training had considerable freedom before the clashes with Najib. Dr Mahathir said Hassan often said “no” to his suggestions, though he did agree to bail out the national car company that was the prime minister’s pride and joy and the company owned by Dr Mahathir’s son.

Hassan refused to use inexperienced Malaysian companies to develop Malaysia’s oil and gas industry, or to pursue costly ventures to develop the country’s marginal oil fields, the source close to Hassan said.

Those two projects are now part of Najib’s ambitious US$444 billion economic transformation programme launched in September 2010 — just seven months after Hassan’s removal. — Reuters

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23 Comments »

  1. Hello there, just was alert to your blog through Google, and found
    that it is really informative. I am gonna be careful for brussels.
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    Cheers!

    Comment by Sammy — November 27, 2012 @ 6:32 PM | Reply

  2. 20% of Petronas money to the BN government was siphoned away under PM office allocation.

    Comment by Sazali Ismail — July 5, 2012 @ 5:02 PM | Reply

  3. I think that, we,Sarawakian are all have been taken for granted. Cos, the politician ( State and Federal ) assumed that we cant think, manage and run the state affairby the people of Sarawak themselve. I personally believed that they think that we are just monkey walking in human form.When we just keep quiet, they think that we are stupit and cant think. But when we voice out our mind, they accused us of anti government pula. Poraaaah lah this people.Sarawakian , How long do we have to keep quiet ????? All our resources are depliting very fast without any new resources to replace. The current politian are just taking care of themselve and their cronies but what will happen to our people and the next generation of ours???????? Everybody claim to be the “peoples fighter” but who is really fighting for the people now ????

    Please PEOPLE OF SARAWAK, stand up for your rights

    Comment by Org Sarawak — July 5, 2012 @ 9:48 AM | Reply

  4. Sarawakians and Sabahans want our 20% petroleum royalty and nothing less and for that we shall vote for a change in federal government. We shall give Pakatan Rakyat the chance to change our misfortune under UMNO led BN government.

    Comment by Bidayuh Headmaster — July 4, 2012 @ 6:30 PM | Reply

    • ARE U OUT OF YOUR MIND? 20%?

      WE OWN THE STUFF! IT IS OURS!

      TRILLIONS HAVE BE DRAINED OUT BY UMNO BN OVER 35 YEARS AT OUR EXPENSE.

      20-% IS NOTHING. THIS IS JUST A CON BY THE OPPOSITION-

      THEY WILL FIRST SUCK OUT THE OIL UNTIL IT’S DRY.

      THAT’S WHY THEY ARE GOING SLOW ON TERENGGENU……THEY ARE NOT STUPID

      WHO ARE THEY? – UMNO MALAYS

      TAKE BACK OUR OIL!

      100%

      Comment by SARAWAKIANS — July 4, 2012 @ 6:36 PM | Reply

      • If you can take Sarawak out of Malaysia I will say we own 100%.. Good luck to you my brother. Make sure Taib Mahmud and his gang of thieves are living behind bars too otherwise he will benefit 100% of Sarawak’s oil and gas and not just the timber and NCR lands.

        Comment by Bidayuh Headmaster — July 4, 2012 @ 7:08 PM | Reply

      • Yes…why should we go for 20%? Its ours and its our rights.
        Its not only the oil/gas taken from us…..the job opportunity were taken away as well!

        Used to work in Trengganu/Kelantan back in the late 90’s on the drilling rig…… the local can tell us directly that why we come to work in states! We are not welcome in their states and they think they are better then us.

        Comment by Rod — July 4, 2012 @ 7:31 PM | Reply

  5. Make the story short. vote out and kick out these bastards from UMNO dominated BN in GE13.

    Comment by Effendi Nawawi — July 4, 2012 @ 1:09 PM | Reply

  6. The Twin Memorial Petronas Towers. Tower No 1 , for TM who constructed the Towers. Tower No 2 , for
    Najib who sucked all the Petroleum money to foot his pet projects to boost his ego.

    Comment by gagojackman — July 4, 2012 @ 11:53 AM | Reply

    • CORRECTION

      SABAH SARAWAK TOWERS! – over $5 Billion! You canalso call them “Patronage Towers”- Mahathir got one a few companies parked by the pump and topping up the companies with billions from private “favoured” contracts. \

      Taib may have a connection to all these since he and corrupt uncle signed away our oil rights in 1970s!

      Putrid Jaya- $10 Billion+

      All built with our oil money.

      THIS IS IN BREACH OF THE 18 POINTS & MALAYSIA AGREEMENTS WHICH PRESERVE OUR CONTROL OF OUR RESOURCES!

      Sleepy Sarawakians be more like the Sabahans! Wake up and demand your rights.

      Don’t just bank your hopes on local “leaders” will not do anything serious about taking back our resources!

      Comment by anon — July 4, 2012 @ 6:43 PM | Reply

      • P.S. MAHATHIR COULD DEFY GRAVITY BY JUMPING FROM EITHER THE SABAH OR SARAWAK TOWERS!

        HATE THAT GUY- DIE SOON!

        Comment by anon — July 4, 2012 @ 6:45 PM | Reply

  7. The natural resources is belong to everyone of us, not the bastard crony member of UMNO. This group of people had control the Petronas and divide the $ within thier crony members. Let’s bring them to the Penjara Sarawak which was build in very high cost (corrupted). Since it is so expensive, I think inside got swiming pool, jaguji, astro and others facilities. It is just nice for those high level people to stay inside. We have to treat them well !!! To ensure this can happen, we must do something in the coming GE 13. Only new goverment can make all this happening. Think carefully, choose carefully, think about our future, think about our lovely country !!!

    Comment by Mike — July 4, 2012 @ 11:18 AM | Reply

  8. ARE WE LOST IN ALL THE PETROLEUM?

    This news report only just scratched the surface!

    It fails to talk about the real victims Sabah and Sarawak who are paying a large part of the bill for financing Malayan projects and we get impoverished.

    We are still thinking within the Malaysia Box and not looking at the obvious solution.

    No one questions the pre-Malaysia promises the British and Malayans made in the 1960s to entice us into this fraudulent and abusive relationship called “independence in Malaysia”.

    We were promised “social economic progress and democracy”. And what did we get? It turned out to be a big con from Malayan snake oil hawkers like Tunku Abdul Rahman.

    Sabahans and Sarawakians stop living under the illusions and myths about security in Malaysia etc. Singapore and Brunei are small and vulnerable and have not yet been invaded.

    We are the stooges who got invaded and colonised by Malaya!

    Malaya needs our wealth more than we need them. In fact we got zero from the Malaysia deal and got ripped off by these con men!

    If we got all this wealth why do we need to be ruled by Malaya?

    We can be a strong independent nation.

    We were an independent county from 1842 to 1942 and a colony ever since!

    We are not yet free and independent!

    WAKE UP!

    Comment by SARAWAKIANS — July 4, 2012 @ 9:06 AM | Reply

    • Sarawak was never independent. Had never been in known history.

      In unknown history there’s lots of old lore. Lots of heads went flying. That changed as Sarawakians became clever. Heads are priceless…so sell and dagang them. Fetch good money lah! Ask Linggi, Leo, Jabu, Masing, Dawos! Don’t ask Taib. He’s only an agent though a Sole Agent. Isn’t people bizness good???

      In known history, Sarawak was Brunei territory, or Borneo. Our rightful King is the Sultan of Brunei. But the dadah or opium trader James Brooke put a gun in the Sultan’s ass and frightened the shit out of him to give up Sarawak.

      As for Petronas …It’s a Pirate Bank. Do you know what they did in Tokyo? They had bank accounts in US Dollars and “subsidiary and associate” companies to fill the whole of Kyoto.

      So what you gonna Man? Jual and dagang more Dayaks? Petronas will lay out your working capital, never worry!

      Comment by Bukit Bratung — July 4, 2012 @ 11:34 AM | Reply

  9. As with many ills in the country, it was Mahathir who started to put his hands in Petronas till. He used hundreds of millions of Petronas money to bail out his sons and his cronies and channeled billions more to build white elephants to boost his ego. His legacy continues with Badawi and now Najib, doing exactly the same as Mahathir where Petronas money is clandestinely pocketed by dirty politicians and their cronies. The question is, are we going to pretend to be stupid and let these Robbing Hoods continue stealing from us or are we going to act smart and stop them through the ballot box?

    Comment by apai — July 4, 2012 @ 8:54 AM | Reply

    • Sarawak was never independent. Had never been in known history.

      In unknown history there’s lots of old lore. Lots of heads went flying. That changed as Sarawakians became clever. Heads are priceless…so sell and dagang them. Fetch good money lah! Ask Linggi, Leo, Jabu, Masing, Dawos! Don’t ask Taib. He’s only an agent though a Sole Agent. Isn’t people bizness good???

      In known history, Sarawak was Brunei territory, or Borneo. Our rightful King is the Sultan of Brunei. But the dadah or opium trader James Brooke put a gun in the Sultan’s ass and frightened the shit out of him to give up Sarawak.

      As for Petronas …It’s a Pirate Bank. Do you know what they did in Tokyo? They had bank accounts in US Dollars and “subsidiary and associate” companies to fill the whole of Kyoto.

      So what you gonna Man? Jual and dagang more Dayaks? Petronas will lay out your working capital, never worry!

      Comment by Lubuk Antu — July 4, 2012 @ 11:37 AM | Reply

  10. Talking of Canada as a new target of investment by Najib-led Malaysian government, perhaps this nation will be seeing more of that using FELDA GLOBAL VENTURES BERHAD’S monies recently raised through the sale of recently listed (IPO) shares. Remember FGV’s first debut in acquiring foreign companies by using borrowed EPF’s monies of RM6. 0 billion, and half of that fund was used for off-shore saving in undisclosed location, and of the other half much of it that had been invested in Canada has been lost.??

    It is supposed that Mlaysia can lost monies, never mind becose there is Petronas to bail out. Anyway the loosing of invested monies and the government bail out will in the process benefit UMNO’s cronies always! Look at Tanjung Pelapas project. The investor has lost huge amount of monies, and is owing a lot to contractors, and now rumoured to be abandoning it while he is to be given Penang Port. Isn’t he UMNO’s man, that investor? Maybe he will be bailed out too like recently Taijudin had his case withdrawn and settled out of court by the government?

    All things point to Najib is not a capable leader to manage Malaysia: he is only thinking of UMNOs and Malays. And he frgets entrely about Sarawak and Sabah, Dayaks and Kadazandusun. The best is for the peoples of he two borneo territories to vote out BN in the GE13.

    Comment by anaksarawak — July 4, 2012 @ 8:05 AM | Reply

    • INVESTMENTS IN BANKRUPT IDEAS!

      What can the people benefit from these “investments”?

      This is just a buzz word for Malayan con men who have grand dis-illusions of their role as rulers. Unfortunately they deceive not just themselves but the generally drugged public.

      For over 48 years we have got just more bullshit AND bankrupt ideas from these colonial fraudsters & scammers who take our wealth to generated private enrichment for themselves!

      Yes vote them out but look at the independence option!

      Comment by ANTI-MALAYAN COLONIALISM — July 4, 2012 @ 9:18 AM | Reply

  11. Malaysians want the UMNO controlled BN government and Petronas to reveal which individuals or organisations were given the concession to sell petroleum in and out of Malaysia. What is the government selling price to these organisations which are rumoured to be owned by very powerful people within UMNO and or their cronies. How much did the government lose in revenue by selling at certain fixed price to these organisations?

    Comment by Mata Kuching — July 4, 2012 @ 6:45 AM | Reply

  12. Personally, PETRONAS sourced most ,if not all its funds from Sabah and Sarawak to finance numerous projects in Malaya , while our infrastructure is so much backward. BN politicians can bicker all they want, but it not based on money looted from our nations, we will keep our noses clean .However, we have been exploited for more 49 years now, and there no sign that the corrupt leaders are prepared to compensate us. This sort of lop-sided arrangement favouring them will no more be acceptable by Sabah and Sarawak. The other issue that bothers us a lot is that, the UN International Law of the Seas, in which Malaysia signed as a partner, specifically points out that within 200 Nautical miles from the shore, the oil fields belong to the country i.e.SS-BN chose to swallow all, giving us nothing-NADA! Will this MARRIAGE last? Your answer is good as mine.

    Comment by Egbert Lau — July 4, 2012 @ 6:11 AM | Reply

    • Egbert- it is a just marriage of greatest historic INCONVENIENCE based on an UNEQUAL TREATY & BROKEN PROMISES!

      Malaysia was commenced with a rape by the British/Malayan suppression of the anti-Malaysia uprising in Brunei 1962 and the Sarawak guerrilla independence war and then Malayan the rape of our oil and timber.

      The relationship has been abusive ever since with the broken 18/20 Points Agreement and Malaysia Agreement and we got Malayanisation instead of Borneonisation.

      This was an unequal relationship from the beginning!

      Malaya grabbed everything including our independence.

      In a failed marriage there is a word called “DIVORCE”- we must divorce Malaya without delay before they squander all out wealth!

      Comment by ANTI-MALAYAN COLONIALISM — July 4, 2012 @ 9:33 AM | Reply

  13. Hassan was just too high a class above Shamsul,the day Mahathir announced MISC was to buy Perkapalan,the then Vice President of Sales,Allahyarham Dato Ali Yassin,call me in early in the morning n scream at me,” Go tell the old man,where the hell am I gonna get the money to buy Perkapalan,”his words exactly,” Minyak aku belum sedut,aku dah jual dah,” I was then his favourite punching bag.A good hearted man,blast out first then cool down,I miss him,Petronas developed it’s own 2000cc engine PW01( I think ) but Mahaleel refused to use it,coz dia tak masuuk,instead use his own Campro shit of an engine, the big bike Petronas developed with Yamaha,well,most of the bike’s are marooned in England,so many stories to tell,so little time and patience to tell.When Shamsul told about the sudanese venture,was he trying to paint Hassan into a dark corner, n to justify buying Canada’s progress energy? wanting to look good????Just go on licking Rosmah,let her inexperience companies PSC with your main vendors,

    Comment by Lok1 — July 4, 2012 @ 3:54 AM | Reply


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