IT'S HIGH TIME TO REVIEW THE PETRONAS OIL ROYALTY AGREEMENTS!
In view of the shocking developments from inevitable results of the sudden oil price hike, I would like to raise several issues with regards to the situation in Petronas which I believe most people are NOT aware of.
This is especially pertinent in the face of several revelations, such as the fact that the oil wells in Sabah will dry up six years from now. The issue has also been raised that Petronas "could go bust in 2018", forcing us to ask:
Where have all the huge amounts of Petronas money gone to?
Had Petronas been managed so badly that despite it being the nation's biggest money earner, it is now facing the possibility of going bust (bankrupt)?
The first problem with Petronas is the fact that it was designed to be a SECRETIVE organisation worse that a "kongsi gelap". The Petronas agreements have been classified secret. WHY? What clauses are in the agreement are so sensitive that nobody should know? This secrecy also includes the secrecy of Petronas detailed Annual Report which is shielded from public eyes and scrutiny, making it an organization without public accountability.
Petronas is therefore more a sole proprietorship completely and secretively owned by the Prime Minister then a public government owned company! What is so secretive that it cannot be revealed and only the Prime Minister has total complete knowledge? Are we suppose to TRUST the Prime Minister and have FAITH in him after all the scandals, "curi duit rakyat" cases and fiascos continuing to hit us?
The other shocking revelation that has come to my knowledge is that 80% of the oil produced by Petronas is not sold directly to the world market but is channelled through 6 OPTION HOLDERSwho obtain the supply from Petronas at well below market prices (1974 prices to be exact). These option holders or agents are the ones reaping the benefits and huge profits in the oil price hikes.
Who are these people - the lucky 6 Option Holders?
Why are they there in the first place?
Who chose them?
Why are they so lucky over the other 28 million Malaysians?
Why am I not chosen?
Why and Who created such a STUPID system for PETRONAS?
Are these people in fact cronies representing certain people with private interests and personal private pockets?
It is also understood that this supply through the option holders is sold by contracts with a binding agreement for 20 or 30 years, causing huge losses for Petronas when and every time oil price increases. Petronas would have to continue selling at the agreed old price without gaining any benefits from any increase in the world oil prices. At the same time, Petronas has to buy back the oil for local consumption from the world market at market prices.
See how Petronas is losing our rakyat's money faster than BINGO?
And do you now understand why the BN government keeps CRYINGand WAILING about being unable to SUBSIDISE the petrol prices any longer and why Idris Jala is WEEPING that the country is going bankrupt in a couple of years?
Any IDIOT can tell you that no business can sustain like this - sell cheap because Petronas is tied to the age old low price for 20-30 years and buy back at absolute SKY HIGH market price - without going BANKRUPT faster than BINGO! By business logic, Petronas should be highly profitable if they sell our high grade Malaysian crude at market price (higher than Arabian crude because our crude is high quality with low sulphur), and buy back Arabian crude at market price (lower than our selling price).
Why and how we got ourselves into this dire straits deserve a White Paper or a Royal Commission of Inquiry... and worse why the IDIOTS responsible are not letting go after raking BILLIONS in profits since 1974? Why so greedy? Do they want to continue milking the poor rakyat until the end of the world?
Only 20% of Petronas's supply is sold through direct open bidding.
Thus, Petronas is sadly not maximising its revenue and profits by dealing directly with the open world market. Instead it has been incurring incalculable losses for the nation and for the people. How much this monstrous loss is, we will never know... until we get an honest Prime Minister or until we topple the BN government.
The Members of Parliament and the state governments should boldly raise this very important issue in Parliament or directly with the federal government for the benefit of the oil-producing states and the people. The BN MPs seem to be quite hopeless in this respect, cowering in fear, whimpering in their little corners and not even daring to utter the word "oil" or "Petronas"... such useless people should be removed and voted out of office. They are supposed to be representatives of the people or rakyat, and are supposed to keep the government in check to ensure the interests of the people are taken care of.
Instead, these useless MPs are supporting the plundering or are part of the plundering and robbing, on top of demands for contracts and more contracts! They take care of their own pockets as FIRST priority, and the pockets of their cronies as SECOND priority. The people and rakyat???? They won't even bat an eyelid!
There is a window of opportunity for all of us to DEMAND a REVIEW of the Petronas agreements and to make Petronas OPEN and TRANSPARENT.
We should also demand that the system of having the 6 option holders be abolished. A new system should be created in which the three oil-producing states are in control of the marketing arm of Petronas, to make Petronas trade directly in the world market with the aim of maximising revenue for the benefit of the nation.
Obviously, Petronas is a huge business organisation which is not accountable, secretive, and open to a lot of abuses by the Prime Minister himself, including the decision to use its revenue to bail out various individuals who faced bankruptcy in the midst of the Asian economic crisis 13 years ago.
If the federal government truly wants to be RESPONSIBLE and ACCOUNTABLE to the people as it claims it wants to be, they should have long time ago provedtheir SINCERITY for excellent governance by opening up FULL PUBLIC TRANSPARENCY ACCOUNTING into Petronas’s revenue and expenses!!!
I wrote here two stories about this treasure and why it's related to the late former president Marcos.
Yamashita's gold, also referred to as the Yamashita treasure, is the name given to the alleged loot stolen inSoutheast Asia by Japanese forces during World War II and hidden in caves, tunnels and underground complexes in thePhilippines. It is named for the Japanese General Tomoyuki Yamashita, nicknamed "The Tiger of Malaya". Though accounts that the treasure remains hidden in Philippines have lured treasure hunters from around the world for over fifty years, its existence is disputed by most experts.The rumored treasure has been the subject of a complex lawsuit that was filed in a Hawaiian state court in 1988 involving Philippine treasure hunter, Rogelio Roxas, and former Philippines president, Ferdinand Marcos. (Source: Wikipedia, the free encyclopedia)
A Yamashita treasure map/sketch left and handover by a Japanese General to his Filipino masseur before he was killed last WWII.
Why the former president Marcos was involved in the legendary treasure?
In March 1988, a Philippine treasure hunter named Rogelio Roxas filed a lawsuit in the state of Hawaii against the former president of the Philippines, Ferdinand Marcos and his wifeImelda Marcos for theft and human rights abuses. Roxas claimed that in Baguio City in 1961 he met the son of a former member of the Japanese army who mapped for him the location of the legendary Yamashita Treasure. Roxas claimed a second man, who served as Yamashita's interpreter during the Second World War, told him of visiting an underground chamber there where stores of gold and silver were kept, and who told of a golden buddha kept at a convent located near the underground chambers. Roxas claimed that within the next few years he formed a group to search for the treasure, and obtained a permit for the purpose from a relative of Ferdinand, Judge Pio Marcos. In 1971, Roxas claimed, he and his group uncovered an enclosed chamber on state lands near Baguio City where he found bayonets, samurai swords, radios, and skeletal remains dressed in a Japanese military uniform. Also found in the chamber, Roxas claimed, were a three foot high golden colored buddha and numerous stacked crates which filled an area approximately 6 feet x 6 feet x 35 feet. He claimed he opened just one of the boxes, and found it packed with gold bullion. He said he took from the chamber the golden buddha, which he estimated to weigh 1,000 kilograms, and one box with twenty-four gold bars, and hid them in his home. He claimed he resealed the chamber for safekeeping until he could arrange the removal of the remaining boxes which he suspected were also filled with gold bars. Roxas said he sold seven of the gold bars from the opened box, and sought potential buyers for the golden buddha. Two individuals representing prospective buyers examined and tested the metal in the buddha, Roxas said, and reported it was made of solid, 20 carat gold. It was soon after this, Roxas claimed, that President Ferdinand Marcos learned of Roxas' discovery and ordered him arrested, beaten, and the buddha and remaining gold seized. Roxas alleged that in retaliation to his vocal campaign to reclaim the buddha and the remainder of the treasure taken from him, Ferdinand continued to have Roxas threatened, beaten and eventually incarcerated for over a year.
Following his release, Roxas put his claims against Marcos on hold until Ferdinand lost the presidency in 1986. But in 1988, Roxas and the Golden Budha Corporation, which now held the ownership rights to the treasure Roxas claims was stolen from him, filed suit against Ferdinand and wife Imelda in a Hawaiian state court seeking damages for the theft and the surrounding human rights abuses committed against Roxas. Roxas died on the eve of trial, but prior to his death he gave the deposition testimony that would be later used in evidence. In 1996, the Roxas estate and the Golden Budha Corporation received what was then largest judgment ever awarded in history, $22 billion which with interest increased to $40.5 billion. In 1998, The Hawaii Supreme Court held that there was sufficient evidence to support the jury's finding that Roxas found the treasure and that Marcos converted it. However, the court reversed the damage award, holding that the $22 billion award of damages for the chamber full of gold was too speculative as there was no evidence of quantity or quality, and ordered a new hearing on the value of the golden buddha and 17 bars of gold only.After several more years of legal proceedings, the Golden Budha Corporation obtained a final judgment against Imelda Marcos to the extent of her interest in the Marcos estate in the principal amount of $13,275,848.37 and Roxas’ estate obtained a $6 million judgment on the claim for human right abuse. (Source: Wikipedia, the free encyclopedia)
The golden buddha said to be discovered by Rogelio Roxas.
Story II.This account is scary. In a new book, Gold Warriors: America’s Secret Recovery of Yamashita’s Gold, Seagrave and his co-author (his wife, Peggy) have affirmed virtually all of what The Spotlight reported about Marcos and his rise to power-and of his ultimate ouster, including the reasons why.
But even more than that, the Seagraves have outlined the existence of an extraordinary hidden cache of gold-looted by infamous Japanese warlord Yamashita Tomoyuki from the nations of Asia prior to and during World War II—much of which (but not all) was later seized by American forces and used to fund what was called the Black Eagle Trust, a multi-national covert operations treasure chest utilized during the Cold War and up until, apparently, even today. And yes, Marcos himself recovered a big chunk of the treasure. This was, as The Spotlight said to much criticism, the real source of his wealth.
Big names such as former U.S. Secretary of State John Foster Dulles, John J. McCloy, head of the World Bank, General Edward Lansdale and others are just a few of the familiar figures whose roles in the shadowy Black Eagle Trust are recounted by the Seagraves. The tentacles of this massive treasure reach throughout the big banks of the world today and its economic impact has never before been outlined in such amazing detail.
It seems that no American president has been in the dark about the existence of this gold horde—much of which still remains hidden, buried, in the Philippine islands and elsewhere in the Pacific and which is still the subject of wide-ranging treasure hunts.
According to the Seagraves, as late as March 2001—in the early weeks of the newly-minted George W. Bush administration, associates of the Bush family were evidently deeply involved in the treasure-hunting and in efforts to profit from the sale and transfer of the recovered treasure. And what is of particular note is that, so say the Seagraves, two U.S. Navy ships were being utilized in the effort.
What about the Marcos connection? The Spotlight asserted that Marcos’s actual wealth—in unaccounted billions—stemmed from the fact that Marcos had actually recovered a large cache of the hidden gold in the days following the end of World War II. Critics said The Spotlight was wrong and that Marcos had actually stolen billions from his nation’s treasury. Now, however, the Seagraves cite no less an authority than retired General John Singlaub, a vaunted hero of both World War II and Korea who finished up his career as the top U.S. military commander in Korea, dismissed by then-President Jimmy Carter.
Singlaub actually became quite active in the covert American efforts to recover the “Yamashita treasure” and, according to Singlaub, “I knew from past experience that stories of buried Japanese gold in the Philippines were legitimate. Marcos’s $12 billion fortunate actually came from [this] treasure, not skimmed-off U.S. aid. But Marcos had only managed to rake off a dozen or so of the biggest sites. That left well over a hundred untouched.”
This, of course, means that Yamashita’s gold—which amounts to certainly hundreds of billions in value, probably trillions—was a real source of power and influence for Marcos and, in the end, proved not only to be a source of his rise to power, but, ultimately, his undoing.
The Seagraves relate—echoing The Spotlight—that when Marcos demanded a higher-than-usual commission for lending a portion of his gold horde to the Reagan administration in order to prop up a Reagan scheme to manipulate the world gold market, this was the beginning of Marcos’ downfall. As a consequence, then U.S. CIA-Director William Casey set in motion the riots and protests that began creating trouble for Marcos in the streets of Manila.
Although Casey flew to Manila, along with U.S. Treasury Secretary Donald Regen, CIA economist Professor Higdon and an attorney, Lawrence Kreager, to give Marcos a “last chance”, the Philippine nationalist would not buckle. Higdon told Marcos that he would be out of power “in two weeks” for not appeasing the international banking houses and their agents in the American administration.
The Seagraves report that a source close to Marcos advised them that Marcos was then approached by an emissary from David Rockefeller’s Trilateral Commission asking Marcos to contribute $54 billion in gold bullion to a so-called “global development fund”. Marcos’ response was to consign the Trilateral demand into a waste basket.
In no short order, of course, Marcos was forced from office and flown to Hawaii with his family where they were held effectively under house arrest. Marcos and his wife told many people—including reporters from The Spotlight—that they had never expected to be taken to Hawaii, that they had, instead, expected to be flown to safety from Manila to Marco’s home island of Ilocos Norte.
In the meantime, billions of dollars worth of gold certificates that the Marcos [couple] had taken with them were confiscated by the U.S. government. But when the Marcoses demanded the return of the certificates, the U.S. said the certificates were “fake”.
In other words, the Reagan administration casually and ruthlessly stole billions from the Marcos, at the same time helping perpetuate the media myth that the Marcos family had stolen billions from their own nation’s treasury.
(And it should be noted, for the historical record, that one of the key behind-the-scenes Reagan administration operatives plotting against Marcos was one Paul Wolfowitz, now internationally known today as one of the prime movers behind the American effort to depose Saddam Hussein—probably no coincidence considering Saddam’s refusal, like Marcos, to surrender his nation’s sovereignty to international banking interests.)
The Seagraves also outline—and this will interest many people—the strange dealings of the John Birch Society (as far back as the mid-1970s) in a scheme to cut business arrangements with the Marcos regime in the marketing of some $20 billion of Marcos’ private gold horde. These deals fell through and, in the end, the Birchers fell out with their partners in the scheme. Evidently Congressman Larry McDonald (D-Ga.), then a leader of the Birch group, was privy to these events and thus evidently knew quite a bit about the international Black Eagle Trust at the time of his death. [The “shoot down” of flight KAL 007 is still surrounded by mystery.]
Considering the fact that The Spotlight was the only American newspaper to honestly report on the behind-the-scenes intrigues that led to the destruction of Ferdinand Marcos, it was no coincidence that after his ouster, Marcos gave The Spotlight several exclusive interviews at his home in exile in Hawaii, pushing The Spotlight to the top of a long list of worldwide newspapers clamoring for the opportunity to interview the fallen leader.
It turns out that, at precisely the time when The Spotlight was interviewing Marcos, a young American CIA operative, Alan Foringer, was deeply involved in the covert operations trying to secure what remained of the Yamashita (and Marcos) gold.
So, it’s probably no coincidence, again, that Foringer popped up at The Spotlight’s offices on a number of occasions, posing as an international businessman. It was only the publication of the Seagrave’s book that exposed precisely who Foringer really was: a CIA figure trying to find out what The Spotlight knew (if anything) about the Marcos treasure. Foringer himself later died under mysterious circumstances, probably a victim of murder.
These are just a few of the revelations appearing in the 332 detail-packed pages of this remarkable new book, one which is thoroughly documented. The Seagraves know that they risked a great deal by bringing out these facts but they say right up front that “if we are murdered, readers will have no difficulty figuring out who ‘they’ are.” (Source: Existence of Secret WWII Gold Horde Confirmed, Exclusive to American Free Press, By Michael Collins Piper,http://www.preferrednetwork.com/GOLD_WARRIORS.htm)
Petronas money is Mahathir's cash cow.
Don't believe, let PKR win so that the books can be open wide.
Nobody allow to spent a single sen without the approval of Mahathir Kutty.
Mahathir Kutty thinks he can carry the oil money to the next world.
Before that the Rakyat will teach him a lesson that his parents failed to do.