Sunday, March 30, 2008

What did Sarawak and Sabah get for more than RM330 Billion worth of Petroleum Revenues?

Posted by Maverick SM at Cakap Tak Serupa Bikin blog.

Petroliam Nasional Bhd (Petronas) does not fund infrastructure projects, said its corporate planning/development division vice-president, Datuk Nasarudin Mohd Idris.

He was responding to Penang Chief Minister Lim Guan Eng's proposal that Petronas fund the second Penang Bridge project, valued at over RM2 billion.

"Petronas only contributes to the government's coffers in the form of dividends. It's up to the government on how it will be used," Nasarudin said at the Invest Malaysia 2008 Conference here yesterday.

Nasarudin also said the company had contributed more than RM330 billion to the government over the past 30 years in the form of taxes, dividends, export duties and royalties.*(See Note below)

"We finance infrastructure as far as oil and gas projects are concerned, like Kertih, whereby we created a petrochemicals complex, but we don't finance buildings and bridges."

Source: NST: Petronas 'does not fund bridges'

Petronas bosses have forgotten. They funded Bank Bumiputera in the RM2bil BMF scandal. Petronas's least happy venture was its ownership of Bank Bumiputra, the second-largest, but least-profitable, of the commercial banks incorporated in Malaysia. Petronas spent more than M$3.5 billion over five years trying to rescue the bank from the impact of the bad loans it had made, starting with its support of the Carrian property group of Hong Kong, which collapsed in 1985, taking the bank's share capital down with it. In 1991, Petronas sold the bank back to another state company, Minister of Finance Inc., and announced its intention to concentrate on oil, gas, and associated activities in future (source: wikipedia)

Petronas funded the construction of the Petronas Twin Towers to fulfill Mahathir's aspiration of having the world's tallest buildings in Malaysia. Petronas also helped to bail out Mirzan Mahathir and Mokhzani (source: here and here)

Petronas had been tasked with the development of the RM112 billion Eastern Corridor projects under the 9MP. Not all the ECER projects are oil and gas projects; some are roads and rural development. Based on a master plan drawn up by PETRONAS, the ECER will see some RM112 billion spent on 227 projects by the year 2020. The master plan has identified tourism; oil, gas and petrochemical; manufacturing; agriculture and education sectors for economic development (source:

Petronas also sponsored hundreds of millions in BMW-Sauber F1 team. Petronas was also involved in bailing out Proton-DRB HICOM, MAS, and was heavily financing Putrajaya Holding (source:
RM330 billion to the government over the past 30 years in the form of taxes, dividends, export duties and royalties


TzeVen said...

Nothing! as usual...

Alex AJ said...

330billion??? maybe it goes into some ppl periuk nasi ... i dont see any significant development

Anonymous said...

We are all suckers. DAP and PKR have to do more to wake us up. Like our Boss we are still zzzzing.

Anonymous said...

330 billion /30 years = 11 billion a years ! simple mathermatic,.. but where on earth this money been spent? the scale of mismanagement is even worst than what we see in Terangganu.

Seem like we all have been zzzzz. Shame on us.

chapchai said...

Oh yes, Sarawak got something out of this pot! That ugly monstrosity called DUN located between the Astana and the Fort. How much will it cost to demolish it?

Anonymous said...

We are worse than suckers....THe rookie sulaiman son of corrupted shit mahmud who hasnt done a single thing to the community yet, except showing off his arrogance by beating up his wife gets to win the Samarahan seat. WTF, he even gets to be an assitant minister in the federal gov? People are still so so blind to see the rampant misuse of public funds by "those few"...u know what i mean..