The raping of Petronas begins

Following is an article published by The Star Online complete with responses by TTF (in blue):

SINGAPORE: Prime Minister Tun Dr Mahathir Mohamad rejected claims that Petronas’ RM30 billion special payment to the government would affect its operations.

“Petronas wouldn’t give the money if it affects their operations. They are able to spare the RM30 billion.

TTF: Wrong.

I keep saying, that it is you who appointed yourself as chairman of Khazanah, one of Petronas’ biggest shareholders.

Let us also not forget that it is you who committed to bringing both Khazanah and Petronas under the purview of your own office.

What this means, is that you get to dictate terms to the oil giant both as chairman of Khazanah and Prime Minister of Malaysia.

So don’t make it sound as if Petronas ‘agreed’ to spare the Government of Malaysia RM30 million.

As far as I’m concerned, if you were to tell the guys at Petronas to shit, they will shit.

“They used to give us RM80 billion at the time when the price of oil was at US$120 (per barrel)… what is RM30 billion? RM30 billion is because the price of oil is at US$70 per barrel,” he said when asked on the effects of the payment on Petronas’ operations.

TTF: Tell the full story.

Back in the nineties, you raped Petronas to bankroll your projects and even used the company’s funds to bail your sons out.

That explains why Petronas seldom registered cash balances exceeding RM30 billion under your administration.

Thanks to Najib, the company posted a 91% jump in yearly profits last year and sat on a RM128.2 billion cash balance – up from RM121.4 billion – in May 2018.

What this means, is had it not been for Najib, the Government of Malaysia (GoM) would not be able to ‘siphon’ RM30 billion from Petronas and would be forced to reintroduce the GST.

He was speaking to the media on the sidelines of the 33th Asean Summit here, today.

Dr Mahathir reiterated that Malaysia is not dependent on oil revenue.

“I have already pointed out to them that 80 per cent of exports are manufactured goods and not oil. We are not dependent on oil,” he said.

Finance Minister Lim Guan Eng in the 2019 Budget announced early this month said Putrajaya is expecting to receive revenue of RM261.8 billion next year, including a one-off special dividend payment of RM30 billion from Petronas.

This will push Petronas’ total dividend commitment to RM54 billion to help the government in the repayment of the Goods and Services Tax and income tax refunds of RM37 billion.

Source: The Malay Mail Online