Petronas ain’t the rakyat’s.
Finance Ministry’s tax analysis division secretary Aziyah Bahauddin said people are wrong to assume that Petronas belongs to them.
Geez, I must have been reading too much opposition propaganda I guess. So the oil that is extracted from Malaysian shores does not belong the Malaysians but to the government … which effectively means the ruling Barisan Nasional government. No way. Is he (or is it she) for real?
In gist Aziyah said not all of Petronas’ RM 80 billion profit can be used to compensate for the rising cost of goods. The profits that they get is used for long term investments so it is unfair for anybody to assume that the profits belongs to the rakyat and it should not be spent for the benefit of the rakyat.
Ah yes, what brilliant explanation but I still don’t get it. A friend once told me that Petronas is a government-run private company. So what the fuck is it lah? Government or private? Who has ownership on its profits? Who has ownership of our natural resources?
Answers please!
Persepsi Petronas milik rakyat salah
SEBAHAGIAN daripada keuntungan minyak Petronas berjumlah kira-kira RM80 bilion setiap tahun akan digunakan semula oleh syarikat itu untuk membuat pelaburan mencari gali minyak di dalam dan luar negara.
Setiausaha Bahagian Analisis Cukai, Kementerian Kewangan, Datuk Aziyah Bahauddin, berkata tidak semua keuntungan Petronas digunakan untuk membantu kerajaan atau rakyat termasuk bagi menghadapi kenaikan harga barang.
Katanya, keuntungan yang diperoleh Petronas akan digunakan untuk pelaburan jangka panjang negara terutama bagi melindungi kepentingan generasi masa depan.
Sehubungan itu, beliau berkata, adalah tidak adil bagi mana-mana pihak beranggapan wang keuntungan Petronas juga perlu menjadi milik rakyat dan dibelanjakan untuk kepentingan rakyat.
“Pelaburan Petronas perlu berterusan dan ada kesinambungan untuk kepentingan generasi akan datang. Bantuan tidak boleh datang sepenuhnya daripada Petronas,” katanya.
Beliau berkata demikian ketika membentangkan kertas kerja bertajuk Subsidi Petroleum di Forum Umum Peningkatan Harga dan Kebajikan Rakyat: Langkah Semasa dan Masa Depan di USM, semalam.
Aziyah juga berkata, selama ini Petronas berjaya melaksanakan tanggungjawab sosialnya membantu rakyat terutama dalam pelbagai bentuk terutama pendidikan.
“Kita tidak boleh ada persepsi yang Petronas milik kerajaan juga adalah milik rakyat. Kita perlu bijak menguruskan hasil negara,” katanya.
Katanya, kerajaan dijangka menanggung subsidi petrol, diesel dan gas petroleum cecair (LPG) sehingga RM18.31 bilion pada 2008 berbanding RM8.77 bilion pada 2007 bagi menangani kenaikan harga minyak.
Katanya, jumlah subsidi meningkat lebih 108 peratus berbanding subsidi yang ditanggung kerajaan pada tahun lalu.
May 9th, 2008 at 2:07 pm
If Petronas were a private company which had won the right to drill for oil in a competitive bidding process, then yes, the oil money would be theirs. But as a state-owned firm, the legal distinction between government monies and the firm’s own funds is not really relevant politically; it is entirely the government’s prerogative as to how much Petronas money they take and put in the government’s (ergo rakyat’s) pocket.
I’ll also take this opportunity to point out that there are far better things to spend our oil money on than subsidising petrol, and that I hope the opposition stops shilling for such policies.
May 9th, 2008 at 3:07 pm
If that money is not ours, but the BN governments, than watch it. The moment they lose the next elections, they will transfer all the petrol money to the BN’s account or rather UMNO’s account. Be warned.
May 9th, 2008 at 4:53 pm
*reads Navina’s post*
Whaaa……? tiba-tiba jer… What does that have to with anything?
Petronas is indeed a government set up to manage our oil resources. It is indeed one of the best oil companies of the world, and it certainly will benefit the people of malaysia in the long run, even now it has helped malaysia as a reputable nation by upbringing the petronas brand to the world.
John has a point there, it is the government’s right (if indeed petronas is “theirs”) to allocate how much money goes into what. But yes, the whole process should be more transparent and it should also skew to the people’s benefits. But to think of it, petronas gives a lot to the people in malaysia, not only in terms of monetary profits, so that’s something to talk about too.
May 9th, 2008 at 9:36 pm
Is this a precursor to ‘donate’ the money to the hyenas’ personal accounts? ala ballkiss and bunga tahi ayam styles?
May 10th, 2008 at 12:27 am
Malaysians have a lot to learn after blindly entrusting the administration of the country’s wealth (including tax revenues) to the BN. Until existing laws are modified, changed or improved, they will have to suffer the nonsense (penalty for voting blindly the last 50 years).
Petronas is an incorporated company. Read its M&A and the Act of Parliament setting it up because what Petronas can or cannot do with its money is set out there. I don’t think the Government will change the law to suit the opposition.
Why don’t you campaign for subsidies that benefit the Rakyat directly who really need it rather than subsidies that benefit the rich who don’t need it and the foreigners (both legally or illegally in Malaysia) who out number our poorand needy Rakyat?
Pax.
May 10th, 2008 at 1:24 am
usual of you to react this way. hmm..Petronas belongs to UMNO, gee isnt it?
May 10th, 2008 at 2:01 am
I do have problem with people who keep on asking Petronas to fund every single so-called mega project and subsidise all the people’s wants and needs.
The thing is, Petronas is a corporation, not our (pocket) welfare department. True, it is a government owned public listed company (i.e. government is the shareholder) and indirectly we own the company because morally we “own” the government. But a point to note that a shareholder is merely supplier of funds (who get returns on the money they invested), the company is completely a saperate person. Hence, shareholder’s intervention in how the company should use its money is an inteference and is very unbecoming.
If we look at the history of Petronas, it was corporatised (from a mere [corruptible] government agency, if not mistaken) to fully exploit our natural resources. but since I do not know when people started to have the idea that the company should contribute in lessening the burden of the people just because it made a lot of money that it could afford (once) the tallest building in the world.
All monies the company used to fund projects should be considered as investments of which returns are expected. That’s how a company creates value for its shareholder (as in our case, the government). Unless of course if we want to have the first not-for-profit oil and gas company in the world. We do love record-breaking achievements, dont we?
The problem is not about Petronas refusing to fund the building of each jambatan to connect all islands in Malaysia. It is with the government which has failed to fairly spread the wealth it gains from the company i.e taxes, investment returns, royalties, etc. If Petronas makes so much money but retaining most of its profits, then I don’t see any problem the government should tax the company more. If oil royalties paid to the government seemed to little, make them pay more.
That’s what our lawmakers should do. They have the means to make not only Petronas, but other super duper kaya raya companies in the country to actually lessen the people’s financial burdens. Then, it all goes into the yearly budget. How many of us are really paying attention to it. Have our budgets in the past being scrutinised in the parliament. Again, this is where our legislators come in. All we heard every year were “caring budget”, “consumer friendly budget”, “budget to make poverty history”.
For goodness’ sake, elected representatives stop trying to control how Petronas should be ran which they can never ever do. Just do your job. There are many other fat-pokected companies in our country hiding their ass. Look at the bloody big picture.
Sorry if its too long. I’ve just got plenty of time to kill in the airport.
May 14th, 2008 at 11:36 am
[…] of bemoaning how much the ‘rakyat’ thinks it owns Petronas when it doesn’t, perhaps Petronas can reconsider some of its […]
May 18th, 2008 at 5:42 pm
hohoo..while it may be seeen like the Rakyat actually owns Petronas, have to agree, we dont.
Petronas is a government-funded private company. Its a corporation on its own, and does not come under the MoF . The Petroleum Act, an act of parlimen, empowers Petronas, so all its do’s and dont’s are there..
Petronas can b compared to wat most other country would have as Ministry of Oil/Petroleum … but just tat they act independently as a private company. THeir profit should be seen as a company’s profit tat would be used for future growth etc…and lets not forget, petronas does embark on many community-projects all..
I would agree with what Khairil stated above, the problem is not bout Petronas, is bout how those in power allocates and uses the oil-money.
(oooh yeaah~~ OMG i defended petronas! :p )
June 17th, 2008 at 10:56 pm
Khairil’s remarks are correct and should be applauded. I am a Petronas staff and what Khairil said is the truth. Petronas is doing its job superbly as per the Act requires for the past 30-plus years by maximizing its profit and paying the dividends to the Government.
The Government is the douchebag. Petronas has paid RM335 billions in past 30 years.
Mahendran, there’s nothing wrong with defending Petronas. You should always defend Petronas. Chances are, if you are a Malaysian citizen, many of your family members or friends were indebted to the company’s successes in the near past, directly or indirectly.